New Delhi, Mar 1 (UNI) Officials of various security and enforcement agencies and the Reserve Bank have underscored the need to indigenise the paper on which currency notes are printed, the printing ink and machinery used, to check circulation of fake notes in the country.
This was important in view of the fact that most of the papers used for printing currency are being imported and could be procured by the State sponsored counterfeiters, they said.
They also felt that the RBI should increase the security features of Indian currency notes from time to time.
These recommendations came up at a workshop organised by the CBI yesterday. About 22 officers of State Police, Central Security agencies, Central Economic Intelligence and enforcement agencies, DRI, IB, RBI and CBI took part in the workshop.
The participants felt that there should be proper coordination between the various State and Central agencies in sharing of intelligence inputs as most of these cases have inter-state and trans-national dimensions. Enforcement officials at the grassroot level should be sensitised, they said.
The workshop also recommended setting up of Special Courts for speedy trial of fake Indian currency note cases.
Director, CBI Vijay Shanker, who inaugurated the one-day workshop said though the annual fake currency seizures stand at about Rs ten crores, could be merely a ''tip of iceberg''.
He said recently a nodal group has been constituted in the Ministry of Home Affairs comprising of central agencies for stepping up coordination efforts in checking circulation of fake Indian currency notes.
He also informed the workshop that the Union Finance Ministry has also set up a committee consisting of representatives from the Department of Economic Affairs, Directorate of Enforcement, National Security Council, Currency Note Press, Nasik, Central Bureau of Investigation, Ministry of Home Affairs and the Intelligence Bureau for curbing the crime of counterfeiting.
Mr Shanker said there was strong indication that profit was not the only motive behind counterfeiting, rather destabilisation of the economy and causing panic appears to be the main reason.
He said despite sincere efforts in the past, there are many areas of concern.
''Firstly, we find constant improvement in the quality of fake currency notes and that, too, in higher denominations. Secondly, we find that increased enforcement efforts in one geographical area has resulted in shifting of operations into another area. The recent shifting of operations of Dubai based gangs from Western India to South India and shifting of transhipment points to Sri Lanka and Malaysia are some examples,'' Mr Shanker said.
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