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India, Bangladesh Ink Mou To Fight Fake Currency

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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 and it was in lines of pact which was signed during Prime Minister Narendra Modi’s visit to Bangladesh earlier in June, 2015.

 Key Points Of The MoU:

  • Both the countries have agreed to share intelligence inputs on operatives engaged in circulating FICN on real time basis in order to curb the practice.
  • India will provide Advance note sorting machines to Bangladesh to detect FICN circulation at key places like international airports, immigration points, integrated crossing points, banks and financial institutions in Bangladesh.
  • India will help Bangladesh to set up Forensic Science laboratory for examination of fake currency notes and maintain a digital depository of forensic reports.
  • India will establish state-of-the-art facilities for examination of fake currency notes in Bangladesh which will include creation of a database on smugglers which in turn can be used by both the countries.

Beside the MoU, both the countries have decided to organize capacity building training programmes in near future. As per the official report the next Joint Task Force meeting will be held again in November 2015.

 Important Points To Remember:

  • Capital of Bangladesh: Dhaka
  • Currency of Bangladesh: Bangladeshi taka
  • Prime minister of Bangladesh: Sheikh Hasina
  • President of Bangladesh: Abdul Hamid