Militants looting banks in Kashmir, is it another impact of demonetisation?

Militants in the valley is targeting banks to get new currency notes.  In three robberies approximately ₹60 lakh has been looted. 

Recently, the third bank robbery has been reported in Jammu & Kashmir by the militants after the demonetisation of high-value currency notes. In these three robberies, the militants looted approximately ₹60 lakh which is a huge sum of money in J&K which supposedly was not badly impacted by banning of notes as compared to the rest of the nation. 

In fact, after the killing of Burhan Wani the valley is facing unrest and after demonetisation that was aimed at recovering black money, stop militant activity, and also, prevent counterfeiting currency seem to have impacted the militants effectively. 

Earlier after Bandipora incident also security forced recovered ₹15,000 in cash, and a part of it was in new ₹2000 notes. Interestingly, this money was recovered a day after a bank robbery was reported in the state.

According to reports, extra security guard from private security agencies have been employed to guard the banks and ATMs in sensitive areas to safeguard against such attempts and robberies. 

Currency ban and aftermath: 

The income tax department across the country is working on war footing to conduct raids at multiple locations and have recovered a huge amount of black money. Much of the cash recovered in these raids are in new  ₹2000 currency notes. Multiple arrests have also being done, and investigations are underway. Some influential people have also been named, and the Anti-Corruption Cell will also take action against many in due course of time. 

Also, counterfeit notes of new ₹2000 denominated currency have also surfaced in recent times. 

Authorities are also looking into the nexus between banks, and the corrupts in its drive against black money. Recently, IT raid in Axis bank led to the recovery of ₹60 crore in 20 fake accounts. 

To stop money hoarding various measures have been taken by the government including amendment of income tax act and promotion of digital transactions.