Tuesday, September 5, 2017

Re: [IAC#RG] RBI confesses that demonetisation failed

Dear Shri Gaur

Let me summarise IAC's position on this, exactly as we have conveyed to RBI and Govt. of India, so that our esteemed activist members can draw their own conclusions .

1. In March 2015 approx 15% of all currency in India was high quality fakes mainly in Rs. 500 and Rs. 1,000 old series notes. By Nov 2016 this was about 27%.

2. On 6 April 2015 I personally complained to RBI Governor to immediately demonetise these notes.

3. I followed it up in June 2015 with an official appeal specifying how the "Gandhi" security features had been cracked and that these notes wre emanating from an overseas facility of a printing / security technology supplier who was also (strangely) technology supllier to one of the 4 security presses in India.

4. I was informed that one of our intelligence outfits allegedly purchases similar high quality "fake" notes of a neighbouring country at approx INR 4 per note from this technology / noteprinting supplier, which they pump into that country (like they do into ours).

5. I was informed that from March 2016 onwards this specific supplier was allegedly printing and stockpiling overseas super large quantities of old series Indian 500 and 1,000 notes for IB/RAW without any order from RBI / GoI. All these notes were easly capable of defeating RBI's CVPS ("currency verification and processing") system which is based on highly obsolete machines..

6. That these "perfectly fake" notes (costing about Rs. 5 each) amounting to about Rs.3 lakh crores in face value were all allegedly smuggled back into India from Aug-Sept 2016 onwards through the smuggling networks of a notorious gangster who "surrendered" in Nov 2015 and came back to India through his patron.

7. That in 2016 there was also a massive PMO campaign to open Aadhar linked small savings accounts.IAC says this was done to faciltate the impending fraud.

8. That after 8 Nov 2016 all these "fake" notes (landed cost Rs. 20 per note) amounting to about Rs. 4 lakh crores (27% of money supply) were converted into legal tender at a 5,000% profit by certain skilled persons, including Ponzi / parabanking operators sitting in air-conditioned cells in various jails using automated bot controlled Aadhar accounts.

9. That RBI then hastily ensured that most of these fake notes were mostly shipped back to Dubai to be destroyed by processes like 'briquetting'.

10. Prima facie, it is utter nonsense that Raghuram Rajan had no knowledge / part of all this. His father was an old IB / RAW hand and was Doval's boss and RR was very much a part of it because he later issued an order (possibly backdated) for these notes just before he left RBI.

11. RBI's Executive Director Ms Deepali Pant Joshi has thereafter passed an order against IAC and refused to comment on the specific allegations as described above which we have formally conveyed to her/RBI under statutory process. Ms. Joshi has even refused to give us a copy of the 7-8 Nov 2016 official RBI recommendations to Govt of India for demonetisation.

12. It is very clear that certain very super high-level people in BJP / Vivekananda Foundation have made super profits and walked away with about Rs.3 lakh crores in "white" money on an investment of Rs.200 crores or so. The role of the Aadhar also stands exposed in enabling this fraud.

13. Because IAC is non-political, we have no interest in these things, and it is quite immaterial to us who rules this country which is now among the most corrupt in the world.

Jai Hind

On Tue, Sep 5, 2017 at 1:55 PM, Gaur J K <gaurjk@hotmail.com> wrote:
Dear Sh. S. Roy,

Today the Govt. is in a position to pick and choose to target opposition as is happening in Bihar and Karnataka. BJP,s holier than thou attitude does not carry conviction. Relentless pursuit to make ADHAR compulsory inspite of repeated ruling by the SC is another indicator of possible misuse to target people on selective basis. Regds

From: indiaresists-request@lists.riseup.net <indiaresists-request@lists.riseup.net> on behalf of Sarbajit Roy <sroy.mb@gmail.com>
Sent: Saturday, September 2, 2017 3:21 PM
To: indiaresists
Subject: Re: [IAC#RG] RBI confesses that demonetisation failed

Dear Shri Gaur

I have carefully read views of yourself and Shr R.N. Malhotra

It is a matter of public record that I, on behalf of India Against Corruption, had complained to RBI Dy. Governor on 6 April 2015 that there was massive fake currency of Rs. 500 and Rs. 1,000 denom notes in circulation and it was I who had first demanded de-nom of these notes and replacement of the Gandhi icons.

I had based my complaints on a secret IB report which I persued through a technically sophisticated whistleblower. This report indicated that at the time 18% of all Rs. 500 and 13% of all Rs. 1,000 denom notes of old Gandhi series were high quality forgeries (of non-Pak origin) and projected an alarming picture that within a year the figure would approach 25-30%.

I then pursued my complaint in appeal to the Governor RBI and I evetually got back a reply that my complaint was being very actively considered at highest levels of Central Govt.

As we all know de-mon happened on 8 Nov 2016, and IAC was among the forefront to crticise it for being too late and too badly mismanaged. At the time IAC had also criticised it as a hollow and cynical political exercise to win Uttar Pradesh.

Subsequently IAC got more leaks from whistleblowers which we have discreetly conveyed back to government and RBI. 

The extent of the de-mon scam is mind-boggling and I can safely say that the corruption of de-mon by a few people in BJP is 50 times greater than all Congress scams combined in India's history.


Sarbajit Roy

On Thu, Aug 31, 2017 at 1:05 PM, Gaur J K <gaurjk@hotmail.com> wrote:
You had also recommended demonetisation for detecting fake currency notes.
Other objective was to control terror funding, and money laundring.
So how far the Govt. has succeded in achieving these objectives?

From: indiaresists-request@lists.riseup.net <indiaresists-request@lists.riseup.net> on behalf of Sarbajit Roy <sroy.mb@gmail.com>
Sent: Thursday, August 31, 2017 10:14 AM
To: indiaresists
Subject: [IAC#RG] RBI confesses that demonetisation failed

As on November 8, 2016 — the day demonetisation was announced — there were 1,716.50 crore pieces of Rs 500 and 685.80 crore Rs 1,000 notes in circulation.

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