Worries over recovery of new currency from terroriosts

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Centre rushes team to assess situation in J&K

Vinod Kumar

Jammu Tawi, November 24
Amid reports that some unscrupulous elements are creating hurlde in effective implementation of demonetization move in the State, especially in Kashmir Valley, the Union Government has deputed a high level to assess situation in the sensitive State like Jammu and Kashmir.
The team comprised Suresh Kumar, Additional Secretary, Ministry of Coal, and Manoj Kumar Dwivedi, Joint Secretary, Ministry of Commerce. As Manoj Kumar Dwivedi is J&K cadre IAS officer, who has served on important position in the State, has been especially deputed by the Centre to J&K. The Central Team which is visiting J&K to assess the situation arising out of the implementation of Govt. of India’s regarding the withdrawal of Rs. 500 and 1000 notes from circulation.
Sources said that Centre has received reports that exchange of demonetized old currency was going unchecked in Kashmir Valley. Instead of following procedure step up by the Reserve Bank of India (RBI), some people are exchanging currency without any check. Some individual persons have reportedly exchanged old currency worth lakhs without any checking. Secondly Centre has taken very serious note of the recovery of new currency notes from two terrorists who were killed by security forces on Tuesday.
In a development that should worry the government which hoped that terror funding had been badly hit by the demonetisation of Rs 1,000 and Rs 500 notes, new currency notes were recovered from the possession of the terrorists who were killed in an encounter on Tuesday.
Currency notes of Rs 2,000 denomination were among the items recovered from the two terrorists who were killed in the encounter with security forces in north Kashmir’s Bandipora district. “The currency has been handed over to police for further probe as to where from the currency notes were obtained by the terrorists,” a senior army official said.
The recovery, perhaps the first since the government announced the demonetisation move on November 8, has rung alarm bells as government agencies had expected that the hawala channels through which terror funds flow would run dry after the the scrapping of Rs 500 and Rs 1,000 notes. Experts have been saying that the impact of demonetisation on terror activities will be felt in the immediate future, but the long term benefits are questionable.

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