Post demonetisation, terror groups use foreign currencies

Handicapped by demonetisation, terror groups have adopted newer ways to fund terrorism in India and are accordingly using foreign currencies to pay to their foot soldiers. Intelligence sources who track cross border infiltration say that after the 8 November announcement scrapping Rs 500 and Rs 1,000 notes, the terrorists are now using foreign currencies, mostly US dollars, when they enter India. The lack of availability of the new currency notes coupled with the fact that the old Rs 500 and Rs 1,000 notes, which the terror groups could easily lay their hands on, have become useless, has made them shift towards dollars, which they carry to India and later exchange it through over ground workers.

According to officials, the over ground workers are able to give Rs 40-Rs 50 for every dollar to these terrorists, while the rest (considering the exchange rate is around Rs 66-67) is kept by the banker as a commission.

The security forces have found American dollars on the dead bodies of multiple terrorists who have been eliminated by the forces while trying to infiltrate into India post 8 November.

“We are seeing this definite pattern post 8 November. Those who have been eliminated during infiltrations or have been arrested were in possession of US dollars. Subsequent interrogations have revealed that they were under orders to exchange the dollars for new Indian rupees through their over ground workers. This is likely to go on till they are able to lay their hands on new Indian currencies more readily. Demonetisation has also made all fake Indian currencies that they used to carry while entering India, useless,” an official familiar with the matter stated.

Unofficial sources across Pakistan who track the terror groups confirmed that these organisations were facing a crunch of Indian currencies and are using foreign currencies to ride over the storm. “They are waiting patiently as they feel that the cash shortage will get over on the Indian side, soon after which they will be able get Indian currencies in large quantities. Right now they are using foreign currencies to fund their India related activities,” a source said.