There is a very critical aspect in the entire debate on the recent Demonetization move that is being missed in all the confusion. It is a serious aspect which concerns the security of the entire nation. If not addressed now it could lead to further acts of terrorism, espionage, drug trafficking etc. than we have seen thus far. It is to curb the financing of such activities by fake currency printed out of India that the Government of India has taken this brave and bold step. However the very critical point of concern that has been overlooked in this enthusiasm to root out Black Money is this.
At the root of the fake currency economy is a British company called De La Rue and a host of other European companies. De La Rue has been printing our currency notes since before Independence. Sometime during 2009-10 it came to light that it was because of De La Rue that Pakistan was able to print fake Indian currency notes. It was a matter of National Security so De La Rue and other companies were blacklisted and banned by Home Ministry.
However it has come to light that these same companies who were banned and blacklisted because of their links with Pakistan are also involved in the printing of the new Rs 500 and Rs 1000 notes. The same companies have also been contracted to supply polymer note making technology for printing Rs.10 plastic notes as well. There are even plans in discussion with De la Rue for setting up of a security paper mill and a research and development centre of identity software in Madhya Pradesh. Martin Sutherland the new CEO of De la Rue in an interview titled Giving Make in India the Currency to Succeed with India Investment Journal said that under the UK-India Defence & International Security Partnership Agreement which was signed in November 2015, De La Rue is committed to supporting both governments on the subject of counterfeiting under this agreement.
Now the question is if these European companies were banned and blacklisted how could they be involved in printing new Indian currency notes? How could the same companies that were a serious concern and banned because they posed a threat to National Security suddenly be cleared of the blacklist and given contracts in the printing our currency notes again?
But all the same the ban was lifted and the companies were removed from the blacklist. Why? Here is the reason given for the lifting of the ban – published in an article in The Hindu.
“These companies are in the business for 150 years; they will not hamper their trade by passing on information of one country to another. Some of these firms even print currency notes for smaller countries. After the investigations, it was found that the two firms had not compromised the security features and the ban was lifted,” said the official.
For more details and references refer to our entire story here The Secret World Of Indian Currency Printers.
The only piece of information about the ban being lifted was published in an article by The Hindu titled No time to add new security features in notes, says official. Since there is no official announcement or information available on the subject of lifting of ban we have filed RTIs with the relevant departments.
Note: It has been brought to our notice that The Hindu article mentioned above was down due to site redesign.
GGI Reports on #DeMonetization
The Secret World Of Indian Currency Printers
विमुद्रीकरण: भारतीय मुद्रा छापनेवालों की रहस्यमयी दुनिया
De la Rue, A Blacklisted Company With Pakistani Links To Supply Rs.10 Plastic Notes To India?
When Was Ban On Blacklisted Currency Printer De La Rue Lifted?
India’s War On Cash Or Global Economic Warfare?