HOW DEMONETISATION IN INDIA DESTROYED PAKISTAN?
Now Pakistan is on the verge of going bankrupt. Let's know how demonetisation led to this situation -
PAKISTAN'S BUSINESS OF COUNTERFEIT CURRENCY
Pakistan and India once shared the same company to print notes. In 2013, the NIA found that Pakistan is copying Indian tech and materials to print its currency.
It was revealed that Pakistan is printing fake Indian currency as they knows how Indian rupees are printed.
USE OF FAKE MONEY
Pakistan used to send this fake currency to India and get it exchanged for actual currency.Then, this money was used to buy reserves such as dollars and gold.
They were was also using the money for terror funding and other propaganda activities against India. This fake money was circulated in India by the ISI through underworld and terror operatives.
CIRCULATION OF FAKE MONEY
The fake money was circulated to India through Dubai, Oman, Nepal, Thailand, Malaysia, Hongkong, China, Sri Lanka and Bangladesh through terror operatives. The Habib Bank of Pakistan used a local bank in Nepal to push illegally printed Indian currency into India.
NIA REPORT
In its report, the NIA said the material used to print Pakistan's currency is similar to that of Indian currency. Most of the pivotal parameters of the paper, like GSM, the wax pick quotient, and the poly vinyl alcohol and PH values, were found matching with the Pakistani rupees.
DEMONETISATION IN INDIA
In 2016, on November 8 at 8 p.m., the Prime Minister of India announced through a televised address that currency notes of 500 and 1,000 will no longer be considered legal tender as of midnight.
This decision was taken to counter terror-funding by Pakistan, the printing of counterfeit currency, black money, and corruption.
IMPACT ON PAKISTAN
Reportedly, Pakistan was printing more Indian currency than its own. It also had a huge reserve of Indian rupees, mostly in 500 and 1,000 denominations, but all that became useless in just a couple of hours. Pakistan's forex reserve falls due to the falling export of fake currency.
WHY IS PAKISTAN NOT PRINTING FAKE CURRENCY NOW?
Currently, the Indian currency is printed on four presses, out of which two are owned by the Security Printing and Minting Corporation of India, which is an Indian government-owned corporation. The other two presses are owned by Bharatiya Reserve Bank Note Mudran Private, which is a subsidiary of the RBI.
CONCLUSION
India saw a decline in terrorist activities due to a lack of terror funding, as the old money is of no use and the new one is quite tough for Pakistan to copy.