JOIN USCirculation of fake currency is terrorist act now
Circulation of counterfeit currency either by an individual, group of individuals or an association, will now be treated as a terrorist act.
With Parliament approving the Unlawful Activities (Prevention) Amendment Bill, 2012, the Centre hopes to check the menace of circulation of counterfeit currency which threatens India’s economic security.
The bill was passed by the Rajya Sabha on Thursday by voice vote amid a walkout by Left parties, JD-U and RJD. It also provides for extended period for ban on an association from the present two years to five years.
The Lok Sabha had passed the bill earlier. Home Minister Sushilkumar Shinde said an individual, group of individuals and an association who are involved in counterfeit currency circulation will be covered under the law which is not against innocent people.
The other important features of the bill include expansion of the definition of terrorist act to include acts that involve detention, abduction, threats to kill or injure, or other actions so as to compel an international or inter-governmental organisation to comply with some demand.
The bill would cover those involved in procurement of weapons, raising funds for terrorist activities through either legitimate or illegitimate sources and counterfeiting Indian currency. It would also cover offences by companies, societies or trusts.
More power to courts
Besides this, the bill also provide addition power to court for attachment or forfeiture of property (both movable and immovable) equivalent to the counterfeit Indian currency involved in the offence or to the value of proceeds of terrorism involved in the offence.
Allaying fear expressed by members, Minister of State for Home R P N Singh said the amended law is against terrorism and terrorists. There is no scope for misusing the law by targeting a particular religion or innocent individuals, he said.
The bill has been amended to curb economic offences in line with the suggestions of the Financial Action Task Force (FATF), a 34-member global body, that chalks out policies to counter financial frauds. India is among six Asian countries who are members of the FATF, he said. Though the CPM had moved an amendment seeking to take trade unions out of the purview of the Act, it was negated by a majority of 79 members out of 107 present. Only 28 members voted in favour of the amendment.