The security agencies of India and Bangladesh have signed an MoU in tackling the menace of Fake Indian Currency Notes (FICN). These notes are also being used for funding human and drug trafficking and other nefarious activities in that country. The fake currency notes is one of the major threats to national security.
Bangladesh was represented by Additional Inspector General (Infrastructure and Administration) Mohammed Mokhlesum Rehman and the Indian team was headed by Inspector General of National Investigation Agency Sanjeev K Singh. Both countries have agreed to share intelligence inputs on operatives engaged in circulating fake notes on real time basis.
India has agreed to provide note sorting machines with facility to detect fake currency at international airports, integrated crossing points, immigration points, banks and financial institutions in Bangladesh.
How does fake currency affects Economy of the Country?
- When there is a rise in fake currency notes, it means there is an increase in money supply. It eventually increases the inflation.
- The value of real money will get reduced.
- There is risk of loss of confidence in Indian currency.
To address the multi-dimensional aspects of the FICN menace, several agencies such as the RBI, Ministries of Finance and Home Affairs, CBI, are working in tandem to thwart the illegal activities related with the FICN.
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