NEW DELHI: According to the sources, India will seek cooperation from the United States in imposing sanctions and blacklisting firms which provide ink, machinery and paper for printing currency notes in excess to the requirement of any country.
Sources said that India Home Minister Rajnath Singh is expected to table the proposal during the US-India Counter-terrorism and Homeland Security Cooperation dialogue slated to be held in Washington in December.
India and United States may consider certain options to safeguard their National interests by bringing in rules to monitor the currency material manufactured all over the world.
According to the proposal, any firm or entity associated with the sale, manufacturing and trade of the Currency Printing equipment will be blacklisted by both the countries, if found to be supplying machine, material of services to a country or entity known to be printing counterfeit currency notes.
Indian agencies claim that almost all the fake currencies of India are being circulated by elements in Pakistan at the behest of the country. The proposed reforms are aimed at controlling the circulation of fake currency notes in India and US.