Fake currency notes were used to finance terrorism: DEA secy

November 08, 2016 21:43

Department of Economic Affairs Secretary Shaktikanta Das said that fake currency notes were being used to finance terrorism in India and the move to scrap currency notes of Rs 500 and Rs 1,000 was necessary in medium and long term interest of our economy.

He said the move will help in maintaining financial and economic integrity.

"Control room to be set up in the Reserve Bank of India and Union Finance Ministry to monitor the situation," Das said.

"Rs 500 notes circulation up 76 per cent from 2011 to 2016 and Rs 1,000 notes by 109 per cent as against 40 per cent rise in all currency notes," he said.

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