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Security Officials Believe Large Amounts Of 'Black' Money Entered In The Property MarketBy Mrs Gupta, Section Noida Real Estate Property
A key sector where intelligence and security officials believe that large amounts of fake currency have entered the system is the property market. "Usually, anywhere from 30 to 60 per cent of the amount paid for real estate deals in our country is in the form of 'black' money," one official said. "A significant portion of this could be in fake currency."
The official pointed out that in many instances of seizure of fake currency in Kerala, Tamil Nadu, Andhra Pradesh, and Karnataka, those arrested had admitted their involvement in major land deals. At least one senior official in the security establishment told DNA that some of the boom in real estate in many parts of India could be attributed to the "easy availability of fake currency and the huge black money we have". Along the western coast, several intelligence inputs show that there have been huge benami investments for Dawood Ibrahim and other gangsters. A significant portion of these investments could have been done through fake currency, say the sources. Click on "Full Story" for more...
Intelligence and security sources say it is impossible to plug the loopholes through which this currency enters the official economy unless law-enforcement agencies are involved and transparency in financial deals is brought in.
"Our property markets have to be regulated," said an intelligence source. "Unless that happens, it is very easy for an individual to pump a few lakh rupees into the official economy every few days."
Many of the officials are now calling for immediate measures to "flush out" fake currency from the system. "Random checks across India in currency chests and bank branches should be the first step," said a senior security officer. "Then, wherever we find a significant presence of fake currency, we have to carry out intensive combing." Source: www.dnaindia.com, Counterfeit culture reality of realty
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