Hundred-rupee-notes
July 25, 2019 at 2:26 pm | Government Legal & Tax

Steps taken to combat terror financing and circulation of fake Indian currency

New Delhi: During the Informal BRICS Meeting, on the margins of G20 Osaka Summit (28-29 June 2019), India along with other BRICS members underlined their resolve to make the international financial system entirely hostile to terrorist financing.

They condemned terrorist attacks in all forms and manifestations and reaffirmed their commitment to tackling all sources, techniques and channels of terrorist financing.

Members urged concerted efforts and a comprehensive approach to counter-terrorism under the UN auspices on a firm international legal basis.

They reiterated that it is the responsibility of all states to prevent financing of terrorist networks and of terrorist actions from their territories. They also reiterated their commitment to fighting the exploitation of the internet for terrorist purposes.

The Government has taken various steps to combat terror financing in the country, which inter alia, include:-

i)          Strengthening the provisions in the Unlawful Activities (Prevention) Act, 1967 to combat terror financing by criminalizing the production or smuggling or circulation of high quality counterfeit Indian currency as a terrorist act and enlarge the scope of proceeds of terrorism to include any property intended to be used for terrorism.

ii)         A Terror Funding and Fake Currency (TFFC) Cell has been constituted in the National Investigation Agency (NIA) to conduct focused investigation of terror funding and fake currency cases.

iii)        An advisory on terror financing has been issued in April 2018 to States/ Union Territories. Guidelines have also been issued in March 2019 to States/ Union Territories for investigation of cases of high quality counterfeit Indian currency notes.

iv)        Training programmes are regularly conducted for the State Police personnel on issues relating to combating terrorist financing.

v)         Fake Indian Currency Notes (FICN) network is one of the channels of terror financing in India. FICN Coordination Group (FCORD) has been formed by the Ministry of Home Affairs to share intelligence/information among the security agencies of the states/centre to counter the problem of circulation of fake currency notes.

vi)        Intelligence and security agencies of Centre and States work in tandem to keep a close watch on the elements involved in terror funding activities and take action as per law.

Government has also taken some other measures to check the smuggling and circulation of Fake Indian Currency Notes (FICN) in the country, which inter alia, include:

i) Security at the international borders has been strengthened by using new surveillance technology, deploying additional manpower for round the clock surveillance, establishing observation posts along the international border, erection of border fencing and intensive patrolling.

ii) A Memorandum of Understanding (MoU) has been signed between India and Bangladesh to prevent and counter-smuggling and circulation of fake currency notes.

iii) Training programmes are conducted for the Police officials of Nepal and Bangladesh to sensitize them about smuggling/ counterfeiting of Indian currency.

Leave Comment

Leave a Reply

Your email address will not be published. Required fields are marked *