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Demonetisation badly hit FICN, hawala trade: Govt

The government had on November 8, 2016 announced demonetising of Rs 500 and Rs 1,000 currency notes

Press Trust of India  |  New Delhi 

Demonetisation badly hit FICN, hawala trade: Govt

The of and Rs 1,notes had instantly wiped out besides hitting hawala transactions, the Rajya Sabha was informed on Wednesday.

Minister of State for Home Affairs said according to reports, also resulted in significant positive impact in most theatres of violence in the country.

"also led to instant extinguishment of It also adversely affected the hawala operators," he said replying a written question.

Ahir said Left Wing Extremism cadres have deposited illegal money into the accounts of the sympathisers or simple villagers.

Nearly Rs 9.8 million were seized from various LWE groups post and the red ultras also protested against the note ban drive, indicating their discontentment, he said.

"Since illegally held cash forms the major chunk of terrorist funding, after the demonetisation, most of the cash held with the terrorists turned worthless," he said.

The government had on November 8, 2016 announced demonetising of and Rs 1,currency notes.

First Published: Wed, January 03 2018. 22:55 IST