India, Bangladesh ink MoU to fight fake currency

India and Bangladesh have inked a memorandum of understanding (MoU) for full cooperation to tackle the menace of fake Indian currency notes (FICN) smuggling.
The MoU was signed at a maiden meeting of the Joint Task Force on Fake Currency Notes (JTFFC) in Dhaka held on 12 and 13 August, 2015.
Key facts

  • Both countries have agreed to share intelligence inputs on operatives engaged in circulating FICN on real time basis in order to curb
  • Advance note sorting machines: India will provide these machines to Bangladesh to detect FICN circulation at international airports, immigration points, integrated crossing points, banks and financial institutions in Bangladesh.
  • State-of-the-art facilities: India will establish these facilities for examination of fake currency notes in Bangladesh.
  • It will facilitate maintaining a digital record of analysis and seizures of fake notes which will include creation of a database on smugglers for use by both countries.
  • Forensic Science Laboratory: India will help Bangladesh to set up this laboratory for examination of fake notes and maintaining a digital depository of forensic reports.

As part of the MoU, both countries in future will organise capacity building training programmes. The next Joint Task Force meeting will be held again in November 2015.
India already had informed the Bangladesh that FICN are great threat to national security of country which are circulated by some foreign state agencies to fund terror activities.
It should be noted that this meeting of Joint Task Force on Fake Currency Notes (JTFFC) was held in lines of pact signed during Prime Minister Narendra Modi visit to Bangladesh on 6-7 June, 2015.



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