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Economic Terrorism threatens India's economy
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Raja Murthy 28 August, 2008 08:16:00
"Economic terrorism" threatens India with a staggering US$51 billion worth of counterfeit currency circulating in the country, according to India's Intelligence Bureau. The government, though, has expressed no serious hurry to tackle this menace, even as police say fake currency notes are also funding terrorist groups in India. The Reserve Bank of India (RBI), the regulator, estimates a lower figure of counterfeit money than $51 billion, but given a flurry of publicized recent police arrests across the country of suspects nabbed with huge amounts of fake currency, estimates could be on the higher rather than the lower side.
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Panda has reasons for anxiety. Over 25% of currency in public hands could be counterfeit, given RBI statistics that $140.95 billion worth of currency notes are in circulation as of August 15, 2008. Worryingly, police seizures of fake notes sensationally included a branch of the country's leading banker, the State Bank of India. An August 8 seizure of over $369,000 worth of fake notes from the State Bank of India branch in Domariaganj, a small town in the north Indian state of Uttar Pradesh, led to arrests of a bank cashier, Sudhakar Tripathi, alleged to be involved in mixing fake notes in the bank's currency chests. Tripathi was caught only after he began conspicuously splurging the money with which he allegedly had been bribed by counterfeiters.
MorungExpress.com > Latest breaking news on Nagaland,India & world - ?Economic Terrorism? threatens India's economy
Font size: Decrease font Enlarge font
Raja Murthy 28 August, 2008 08:16:00
"Economic terrorism" threatens India with a staggering US$51 billion worth of counterfeit currency circulating in the country, according to India's Intelligence Bureau. The government, though, has expressed no serious hurry to tackle this menace, even as police say fake currency notes are also funding terrorist groups in India. The Reserve Bank of India (RBI), the regulator, estimates a lower figure of counterfeit money than $51 billion, but given a flurry of publicized recent police arrests across the country of suspects nabbed with huge amounts of fake currency, estimates could be on the higher rather than the lower side.
.......
Panda has reasons for anxiety. Over 25% of currency in public hands could be counterfeit, given RBI statistics that $140.95 billion worth of currency notes are in circulation as of August 15, 2008. Worryingly, police seizures of fake notes sensationally included a branch of the country's leading banker, the State Bank of India. An August 8 seizure of over $369,000 worth of fake notes from the State Bank of India branch in Domariaganj, a small town in the north Indian state of Uttar Pradesh, led to arrests of a bank cashier, Sudhakar Tripathi, alleged to be involved in mixing fake notes in the bank's currency chests. Tripathi was caught only after he began conspicuously splurging the money with which he allegedly had been bribed by counterfeiters.
MorungExpress.com > Latest breaking news on Nagaland,India & world - ?Economic Terrorism? threatens India's economy