This brings a new meaning to "coffee money".
Is MAS aware of this?
Has this got anything to do with the current surge in property investment from South Asian buyers?
http://timesofindia.indiatimes.com/...s-flood-Indian-market/articleshow/4969502.cms
The Times Of India, 4 Sep 2009
BAHRAICH: Pakistan government printing press print counterfeit Indian currency (CFIC) besides US, Singaporean and Australian dollars and sell them at half the face value in Indian and Nepalese markets and other countries.
This sensitive disclosure has been made by Pakistani agent Vikki Manihar, son of Majid Manihar, to police. Vikki, who is on police remand after his arrest on Sunday, also said that Indian customs and police officers deployed along the Indo-Nepal border are involved in the counterfeit dollar racket.
Counterfeit Indian currency is sold using codes like `chappal' (sleeper), while Singaporean dollar goes as `kafi' (coffee), Australian dollar as `machchli' (fish) and American dollar as `achar' (pickle), Vikki reportedly told his interrogators.
"There is a big demand for counterfeit dollars in Mumbai, Kolkata, Chennai, Banglore and New Delhi besides Chandigarh, which is met by Pakistani agents operating from Nepal. The demand in fake currency has also overtaken the illegal weapons trade which has seen a slump following decline in Maoist activities,'' a senior police officer told TOI preferring anonymity.
Moreover, due to strict measures initiated by the Indian government and increase in awareness among the public, the demand for Indian counterfeit currency (ICFC) too has shown a decline. However, counterfeit dollar is selling like hot cake with markets flourishing in places like Shrawasti, Agra and Varanasi of Uttar Pradesh.
Influential persons operating from Nepal are behind the entire trade in counterfeit currency, Vikki reportedly told his interrogators. Security agencies deployed on the porous Indo-Nepal border say that though these persons have direct link with the ISI-backed Dawood Ibrahim cartel, there is no concrete proof about their involvement. This, despite the fact that 90 percent of the CFIC printed in Pakistani government presses reaches India via Nepal.
Indian security agencies maintain that they have details of the routes used for channelling the CFIC and the operators, but any effective action could only be taken after their backers in Nepal are neutralised.
The greatest problem Indian security agencies are facing is the involvement of petty smugglers and couriers operating along the Indo-Nepal border. "Though we have been able to apprehend a number of small-time smugglers, not much could be achieved as big operators and their backers are sitting pretty across the border,'' a senior police official told TOI.
Uttar Pradesh additional director general (ADG) Anti-Terrorist Squad (ATS) A K Jain told TOI that Vikki has confessed that his father Majid Manihar was involved in smuggling of fake currency since long. He was a trusted lieutenant of Dawood and used to get CFIC consignments from him directly.
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Latest update @ Singaporenewsalternative.blogspot.com
1. Report: Pakistan Counterfeiting Singapore Dollars and Other Currencies
2. GIC eyes US and European investments
3. Annan to take up teaching post in Singapore
4. Singapore Airlines takes measure to weather financial storm
5. Southeast Asia May Remove Monetary Stimulus in 2010, UBS Says
.
Is MAS aware of this?
Has this got anything to do with the current surge in property investment from South Asian buyers?
http://timesofindia.indiatimes.com/...s-flood-Indian-market/articleshow/4969502.cms
The Times Of India, 4 Sep 2009
BAHRAICH: Pakistan government printing press print counterfeit Indian currency (CFIC) besides US, Singaporean and Australian dollars and sell them at half the face value in Indian and Nepalese markets and other countries.
This sensitive disclosure has been made by Pakistani agent Vikki Manihar, son of Majid Manihar, to police. Vikki, who is on police remand after his arrest on Sunday, also said that Indian customs and police officers deployed along the Indo-Nepal border are involved in the counterfeit dollar racket.
Counterfeit Indian currency is sold using codes like `chappal' (sleeper), while Singaporean dollar goes as `kafi' (coffee), Australian dollar as `machchli' (fish) and American dollar as `achar' (pickle), Vikki reportedly told his interrogators.
"There is a big demand for counterfeit dollars in Mumbai, Kolkata, Chennai, Banglore and New Delhi besides Chandigarh, which is met by Pakistani agents operating from Nepal. The demand in fake currency has also overtaken the illegal weapons trade which has seen a slump following decline in Maoist activities,'' a senior police officer told TOI preferring anonymity.
Moreover, due to strict measures initiated by the Indian government and increase in awareness among the public, the demand for Indian counterfeit currency (ICFC) too has shown a decline. However, counterfeit dollar is selling like hot cake with markets flourishing in places like Shrawasti, Agra and Varanasi of Uttar Pradesh.
Influential persons operating from Nepal are behind the entire trade in counterfeit currency, Vikki reportedly told his interrogators. Security agencies deployed on the porous Indo-Nepal border say that though these persons have direct link with the ISI-backed Dawood Ibrahim cartel, there is no concrete proof about their involvement. This, despite the fact that 90 percent of the CFIC printed in Pakistani government presses reaches India via Nepal.
Indian security agencies maintain that they have details of the routes used for channelling the CFIC and the operators, but any effective action could only be taken after their backers in Nepal are neutralised.
The greatest problem Indian security agencies are facing is the involvement of petty smugglers and couriers operating along the Indo-Nepal border. "Though we have been able to apprehend a number of small-time smugglers, not much could be achieved as big operators and their backers are sitting pretty across the border,'' a senior police official told TOI.
Uttar Pradesh additional director general (ADG) Anti-Terrorist Squad (ATS) A K Jain told TOI that Vikki has confessed that his father Majid Manihar was involved in smuggling of fake currency since long. He was a trusted lieutenant of Dawood and used to get CFIC consignments from him directly.
----------------------
Latest update @ Singaporenewsalternative.blogspot.com
1. Report: Pakistan Counterfeiting Singapore Dollars and Other Currencies
2. GIC eyes US and European investments
3. Annan to take up teaching post in Singapore
4. Singapore Airlines takes measure to weather financial storm
5. Southeast Asia May Remove Monetary Stimulus in 2010, UBS Says
.
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