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\n<\/a><\/span><\/span><\/span><\/h1>\nDesh Kapoor <\/a><\/span> 18 hours ago<\/span>
<\/a><\/span><\/b><\/span><\/div>\nAll the chairpersons and MDs of\u00a0India\u2019s top banks were meeting<\/a> at\u00a0Reserve Bank of India\u2019s\u00a0headquarters on the 15th floor of the Mint Street office in a special session that started at 7 pm.\u00a0 In Delhi, on the other hand, the top Cabinet ministers of the Modi government were meeting over an agenda regarding MoUs between India and Japan.<\/b><\/span><\/div>\nNone of the top bank chiefs or the ministers of the government were aware of\u00a0what was to happen.<\/b><\/span><\/div>\n
<\/a><\/span><\/b><\/span><\/p>\nThe Cabinet meeting<\/a> ended at\u00a07.30 pm and the PM went to meet the President to inform him about the plan.\u00a0 The ministers were instructed to remain in the meeting hall.\u00a0 The bankers on the other hand, were discussing the situation from the Non-Performing Assets (NPAs) in the economy.<\/b><\/span><\/div>\nJust before 8 PM, the TV sets were switched on to listen to the PM, with the understanding that the meeting would continue after the PM address.\u00a0 Of course, the announcement from the PM was going to be earth-shattering for most bankers who had to rush back to their offices to handle the situation arising from the ban of Rs 500 and Rs 1000!<\/b><\/span><\/div>\nThe story of demonitization starts way back in at least 2010 with a company named De La Rue<\/a>\u00a0and its role in fake currency in India.\u00a0 Sometime during 2009-10, the CBI had raided around 70-odd Indian bank branches along the India-Nepal border and found counterfeit currency with them.\u00a0 That sent shock signals all over the intelligent community.\u00a0 Upon investigation, however, the intelligence officials found something even more scary!\u00a0 The branches had received the currency not from some smugglers, but RBI itself!\u00a0 RBI was sending counterfeit notes<\/a> to the bank branches around the country!<\/b><\/span><\/div>\nWhen the CBI raided the RBI, it found the same counterfeit currency in the RBI vaults in Rs 500 and Rs 1000 notes.\u00a0 The Central Bank of the country had been compromised beyond anyone\u2019s imagination!\u00a0 The counterfeit and fake currency which Pakistan was pushing into India was being collected and distributed by none other than the Reserve Bank of India!<\/b><\/span><\/div>\nAlmost like real\u2026<\/span><\/span><\/h2>\nIn a little known case involving counterfeit currency caught in UP and Bihar, the defending lawyer rather nonchalantly argued that what was the proof that it was fake?\u00a0 When the currency was sent to the Indian government labs, they indeed confirmed that the currency nabbed from the ISI agents was actually real!\u00a0 When sent to foreign labs, it was found out that the currency was so close to real that it was extremely difficult to prove it being counterfeit.\u00a0 In fact, the small difference that helped them prove it was not real was probably inserted on purpose<\/i>!\u00a0 Such was the confidence and arrogance of the counterfeiters!<\/b><\/span><\/div>\nIt was found by the CBI on further investigation that the mischief was happening at the end of De La Rue, a company from whom RBI imports 95% of its currency paper.\u00a0 In fact, RBI\u2019s buy accounts for over 30% of De La Rue\u2019s profits.\u00a0 At that time, De La Rue was blacklisted<\/a> by the government and the company came to the point of bankruptcy with 2000 metric tonnes of paper lying unused!\u00a0 At that time, the De La Rue CEO James Hussey \u2013 godson of Queen Mother herself \u2013 resigned over what was called \u201cpaper quality issues\u201d<\/a>, which sounded fishy to begin with!<\/b><\/span><\/div>\n\n\u201cWe don\u2019t know whether the paper disintegrates under a drop of rain or whether there is just a fly in a roll of paper somewhere,\u201d said one source. \u201cThe statement is so full of holes that is has created further suspicion.\u201d<\/b><\/span><\/div>\nDe La Rue said the irregularities were of a \u201cserious nature\u201d but that it was \u201cconfident that neither the physical security nor the security features incorporated in the paper have been compromised for any customer and that the irregularities referred to relate only to testing of paper specifications at the relevant facility\u201d.<\/b><\/span><\/div>\n<\/blockquote>\nMeanwhile, in 2010 another serious security lapse was exposed!<\/b><\/span><\/span><\/div>\nOutsourcing of Currency Printing by Government: Height of Betrayal<\/span><\/span><\/h2>\nThe government had, unbeknownst to anyone, had outsourced the printing of currency notes to US, UK and Germany \u2013 amounting to Rs 1 lakh crores!!\u00a0 The entire economic sovereignty of India was at stake!<\/b><\/span><\/div>\n\nThe RBI had in 1997-98 outsourced printing of 2,000 million pieces of Rs 100 notes and 1,600 million pieces of Rs 500 notes to US, UK and Germany amounting to Rs 1 lakh crore. The committee, after questioning central bank officials, said the reasons provided were far from convincing.<\/b><\/span><\/div>\nRBI had said the soilage factor and bad condition of notes resulted in the decision. The panel observed that RBI\u2019s system of assessment with respect to demands and supply of bank notes in the country was off the mark resulting in a gap. (source<\/a>)<\/b><\/span><\/div>\n<\/blockquote>\nThe three companies<\/a> to whom the Indian currency was outsourced were American Banknote Company (USA), Thomas De La Rue (UK) and Giesecke and Devrient Consortium (Germany).<\/b><\/span><\/div>\nOn November 3, 2011 a complaint was received by the Central Vigilance Commission (CVC) signed by \u201cunnamed officers of the Ministry of Finance\u201d \u2013 who said that the security was compromised not just by De La Reu, but also other companies \u2013 French firm Arjo Wiggins, Crane AB of USA and Louisenthal, Germany<\/i>!<\/b><\/span><\/div>\nWhat is most disturbing is that the information of compromise in security features of the paper for currency had at different times been withheld from<\/a> the Home and Finance Ministry of India.<\/b><\/span><\/div>\n\nFollowing the quality breach by De La Rue, in September-October 2010, the government tested samples of currency paper supplied by other companies as well. On November 3, 2010, BRBNMPL ( Bharatiya Reserve Bank Note Mudran Private Ltd) \u2014 which signs currency note contracts on behalf of the RBI \u2014 wrote to the Directorate of Currency, Ministry of Finance, that currency paper supplied by Crane AB of USA and Louisenthal, Germany, had failed tests in Hoshangabad as well but cleared re-tests at the suppliers\u2019 foreign laboratories.<\/b><\/span><\/div>\nThe complaint notes, \u201cBRBNMPL in their letter of 3rd November 2010, concealed the failure of paper supplied by Arjo Wiggins ( a French company) from the Ministry of Finance as detected in the tests conducted on Arjo Wiggins paper at Hoshangabad\u201d.<\/b><\/span><\/div>\n<\/blockquote>\nIn 2015, after Modi sought help in investigations in the fake currency notes from the US, it came out that the German company Louisenthal<\/a> was also selling raw notes to Pakistan, resulting in a ban on the company.<\/b><\/span><\/div>\n\nThe Home Ministry has barred a German company, Louisenthal, from selling bank note paper to the Reserve Bank of India (RBI) after it discovered that the firm was also selling raw notes to Pakistan, according to a senior official.<\/b><\/span><\/div>\n\u201cWe are only keeping our interests in mind,\u201d the official told The Indian Express. \u201cWe have proof that high-quality fake Indian currency notes are being produced in Pakistan and pushed into India through Bangladesh, Nepal, Sri Lanka and Vietnam. The availability of a common supplier could be one of the reasons behind such high-quality fake notes.\u201d<\/b><\/span><\/div>\n<\/blockquote>\nThis is how the Indian currency was compromised at every point \u2013 RBI, Home Ministry, Finance ministry, and the Indian and Foreign printing presses.\u00a0 Worse of all, our entire currency production was outsourced to unscrupulous forces who were merrily sharing the real stuff with Pakistan who was happily and arrogantly snubbing us and creating a havoc with our economy!<\/b><\/span><\/div>\nHow Pakistan was Check-mated?<\/span><\/span><\/h2>\nThe free flow of Indian currency paper to Pakistan encouraged its government to set up 5 printing presses\u00a0to print fake currency notes.these were smuggled to Nepal and Bangladesh (often on PIA flights).\u00a0 The currency entered India via UP and Bihar (Nepal border), via Malda in West Bengal (from Bangladesh), via Rajasthan border, Punjab border and via Chennai and Mangalore through the Indian expats from Gulf.<\/b><\/span><\/div>\n
<\/span><\/p>\nPakistan used to pump in money to fund student bodies (like in JNU and Jadhavpur), media and journalists and also political parties to completely influence the elections.<\/b><\/span><\/div>\nThe \u201cImminent\u201d\u00a0Assault<\/span><\/span><\/h3>\nGiven the aggression with which the Modi government has acted against Pakistan and given its options against Indian \u2013 specifically the Surgical Strikes and the heavy bombardment such that Pakistan had to beg India<\/a> to stop beating them up! \u2013 Pakistan wanted another front for a major strike!<\/b><\/span><\/div>\nAs per General GD Bakshi<\/a>, a prominent security and defense analyst, India has some Rs 16 trillion<\/a>* of Rs 500 and Rs 1000 in circulation (which is 96% of the entire money supply).\u00a0 Pakistan was already printing Rs 15 trillion (Rs 500 \/ Rs 1000) with a view to push them in India to completely \u201cunhinge\u201d the Indian economy in what Gen Bakshi calls an \u201cEconomic Pearl Harbour\u201d!<\/b><\/span><\/div>\nThis would have led to unprecedented terror strikes and runaway inflation and steep price rise, which would have spelt doom for India in many ways.<\/b><\/span><\/div>\nOn the night of Nov 8th, when the Cabinet Ministers and the top bankers were caught unawares by the announcement of the Indian PM Modi on the ban on the notes \u2013 an act in extreme secrecy; all efforts to save Pakistan and its network were thwarted.<\/b><\/span><\/div>\nPakistan was checkmated.<\/b><\/span><\/span><\/div>\nAll those whom you see now coming together to fight demonetization know exactly what was being planned and what led to all this.\u00a0 If they still choose to fight this act by the Modi government, you should know exactly from which team they are fighting this existential war of India\u2019s future!\u00a0 And, with the context of how RBI, Home and Finance Ministry, and banks were compromised over the years, one can very well understand the reason for extreme secrecy and quick action \u2013 which the critics ironically call \u201cknee jerk\u201d and \u201cunprepared government plan\u201d.<\/b><\/span><\/div>\n* Gen GD Bakshi mentions another figure of the number of notes.\u00a0 The credible figure of currency in circulation is the one mentioned here with the link<\/i><\/b><\/span><\/div>\n==============================<\/b> ====<\/b><\/p>\nImportant information related to the FICN (Fake Indian Currency Notes) issue<\/span><\/h2>\nLet us also look at other information which is important to fully understand the situation around the currency notes circulation by Pakistan.<\/b><\/div>\nChanges in De La Rue and Printing notes in India<\/span><\/h2>\nThere are only so many companies in the world with the expertise to produce the currency paper.\u00a0 De La Rue, since its rather ignominious episode with the Indian currency and being close to bankruptcy has undertaken a complete rehaul of the company.\u00a0 And with a new management, it has and is helping India to create production plants in India.<\/b><\/div>\nThe printing facility in Mysuru (of Bhartiya Reserve Bank Note Mudran Private Ltd (BRBNMPL) was set up with De La Rue Giori (now KBA Giori, Switzerland).\u00a0 Now another facility is coming up at Salboni with help from Komori Corporation, Japan.\u00a0 It is important to know that indigenous note mills in India will be able to take care of 70% of the domestic currency needs.<\/b><\/div>\n<\/div>\nThis is where the Rs 2000 notes will also be printed.\u00a0 In an attempt to participate in \u201cMake in India\u201d, the erstwhole De La Rue is working with the Indian government to establish the mills<\/a> here in India.<\/b><\/div>\n\nSo De La Rue is keen to contribute to the PM\u2019s initiative, by bringing investment, expertise, knowledge and best practice to currency production in India. Given the opportunity to partner with India, we hope to create a regional hub for research and development, as well as local manufacturing facilities for the supply of security features for the next generation of India\u2019s banknotes, passports and identity documents.<\/b><\/div>\n<\/blockquote>\nWe need to make sure that ultimately India is able to work through the technology with more reliable partners and eventually on our own to have our important paper needs taken care of \u2013 currency, Aadhar and passport.<\/b><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Desh Kapoor 18 hours ago All the chairpersons and MDs of\u00a0India\u2019s top… more
![\"modi](\"https:\/\/patriotsforumindia.com\/wp-content\/uploads\/2015\/04\/modi-shariff.jpg\")
<\/a><\/span><\/b><\/span><\/div>\n
==============================<\/b> ====<\/b><\/p>\n Desh Kapoor 18 hours ago All the chairpersons and MDs of\u00a0India\u2019s top… more
<\/a><\/span><\/b><\/span><\/p>\nAlmost like real\u2026<\/span><\/span><\/h2>\n
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Outsourcing of Currency Printing by Government: Height of Betrayal<\/span><\/span><\/h2>\n
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How Pakistan was Check-mated?<\/span><\/span><\/h2>\n
<\/span><\/p>\nThe \u201cImminent\u201d\u00a0Assault<\/span><\/span><\/h3>\n
Important information related to the FICN (Fake Indian Currency Notes) issue<\/span><\/h2>\n
Changes in De La Rue and Printing notes in India<\/span><\/h2>\n
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