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Intelligence Driven - Indian Demonetization Drive

On 8th Nov 2016, Government of India (GoI) announced discontinuation of 500 & 1000 currency bill. GoI backed the move by claiming that it is going to reduce corruption, Black Money, illegal hoarding of essential goods, terror funding, inflated property prices and pressure of Indian currency against basket of currencies. Intelligence wing of different ministry played an important role which enabled government to take drastic move on Demonetization. GoI activated it's intelligence to monitor Demonetization Drive to control corrupt practices by placing them across sensitive sectors.
  • The raids on jewelers by agencies  sent shiver among buyers and sellers of gold; check on premium is now there on buying and selling of gold which was used to park Black Money
  • The raids by Income Tax Department in identified markets based on the intelligence inputs
  • Identification of Jan Dhan Yojana accounts followed by an announcement that GoI is aware of misuse of Jan Dhan Yojana accounts.
  • Identification of bank staff who were indulged in illegal corrupt practices with Black Money hoarders and helping those in getting their money exchanged in an illegal manner. The sleeper intelligence wing in and around bank premises helped GoI to identify the same
  • Active intelligence salutes in religious places where donations comes in huge numbers. Many of the staff got caught while exchanging the discontinued currency bill after deducting so called exchange commission. Intelligence helped GoI to block that route too
  • Intelligence input based raids in Real Estate sector helped in activating transaction monitoring to tap the Black Money hoarders. It sent strong message to corrupt citizens who were parking their money in real estate that GoI is monitoring them
  • Close monitoring of cash deposit by common people and Companies. Aadhar card condition enforcement while withdrawing cash will bound the repeat withdrawal by the person
  • Security forces and intelligence wing got active in Maoist affected area and started arresting them or neutralizing them in an encounter while Maoist came out from their hideout to get their currencies changed
  • Intelligence team successfully identified that counterfeit currency bills are being used in terror hit area to pay Stone Palters and discontinued currency affected them the most. It helped the security forces to trap the leaders of the groups when they came out of their hideout for the search of money
  • Government and RBI is monitoring sudden rise in Deposit post Nov27, 2016 as 4.5 lakh crore got deposited post Nov 27th 2016. Enforcement agencies are investing the sudden rise and identification of the real source is underway
With the help of cross ministry based intelligence wing; GoI managed to close maximum avenue of discontinued currencies bills exchange in an illegal way. When Black Money hoarders assorted to 50% exchange commission route then GoI came out with income tax amendment bill where black money can be converted into white by paying 50% tax. Around 2000 cr got deposited under recently launched scheme but respective authority is busy in authenticating the authenticity of funds route.

Most of the analyst kept their focus on Demonetization Drive and its impact on the economy but missed to analyze that GoI in the last 2 years revamped country intelligence wing to send a stern message to all involved in one or another corrupt practice to be careful and follow the rule defined by land of law.

The note of appreciation must be given to Intelligence wing of different departments for their unmatched professionalism to keep track of minor to major movement in the Drive of Demonetization.
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About Devendra Prasad

20 years plus industry veteran of domestic and international ICT domain with the expertise in Business, Technology, Strategy and Analysis. Specializes in forecasting impact analysis, trends and recommendations for Investments, Technology and Regulations.
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