P.K. Hormis Tharakan, former chief of India’s external intelligence agency Research and Analysis Wing (RAW), does not see the demonetisation of higher currency denominations completely arresting the menace of counterfeit currency.
He argued that its effectiveness in curbing terror funding, too, will be limited if not nil. Mr. Tharakan contends that the move’s short-term impact on movement of fake currency would not stay for a longer period, as the counterfeit money in circulation did not originate within the country. — Special Correspondent