Bangladeshis buying demonetized notes to exchange in foreign market

From A Correspondent

Agartala, Nov 16 : Bordering town Somura in Sipahijala district of Tripura is known for its smuggling activities ranging from gold to cattle head, sugar to different types of cloths and everything people need. Recently the list added a new item, Indian currency notes of Rs 500 and Rs 1000, thanks to the Prime Minister rendra Modi’s decision to demonetize the notes of these two denomitions.

Normally the Indian currency fetches much more value while exchanged against the Bangladeshi currency in the unofficial market of the bordering areas. But after the demonetization, the situation has reversed and the value of Indian currency of Rs500 and Rs 1000 has fallen from 20 to 25 per cent against its Bangladeshi counterpart and now being exchanged 100: 100 basis.

‘Most interestingly the notes are no more a medium of exchange, rather the currency note itself has turned into a commodity’, said a local trader. According to him large number of Indian black money holders is rushing to the bordering villages and selling their notes to Bangladeshis.

But the moot question is what the Bangladeshis will do with these demonetized notes? An eminent economist and lecturer of Economics in the Tripura University Salim Saha cracked the nut and said that Bangladeshis are buying these notes with a long term plan.

‘Notes were demonetized in India but not in the foreign countries. After the stipulated time is over the Indian government will look into the foreign countries. During this period there is enough scope to procure dollar in exchange of Indian currency from the registered currency exchangers and the Bangladeshis are taking this opportunity’, he explained.

On the other hand, the Indians, who are procuring Bangladeshi notes, will have enough scope to exchange it from local exchangers. So it is a win win situation for both the sides. The entire transaction is going behind the screen and it is difficult for a common man to understand what is going on. He can understand something unusual is going on seeing the new faces rushing and passing through the villages.

The matter came to notice first on Tuesday when the Somura police recovered two lakhs of Bagladeshi Taka from a village. Police admitted the recovery but refused to make any comment about its source or possible destition before the investigation reaches into a conclusion. Though the police are extremely cautious, considering the sensitivity of the matter, another incident at Dharmagar suggests its reality when Police detained two persons while entering to Tripura from Assam with demonetized notes of Rs 500 and Rs 1000 valued Rs eight lakh. The money was recovered when police were conducting search operation in Jharjeri area under Kadmtala police station. Police detained an Alto car on suspicion and recovered the money packed in a bag. Police detained the owner of the money Mokbul Hussain (50) and the driver of the car. Both are being interrogated. It is learnt that Mokbul is a resident of Anipur village of Ratabari area under Karimganj district of Assam.

Police maintained silence about the purpose of carrying such a big amount of demonetized note but suspicion is increasing that he was looking for the money market.