The heat of demonetisation has been felt heavily by the hawala users and its operators. As per the reports of Central intelligence agencies, the call traffic by hawala agents in India has dropped by 50 per cent. There have been several reports of busted hawala rackets across India. The people who were running these rackets were involved in illegal conversion of old currency notes. Some RBI officials were also held for facilitating them.
The demonetisation move has certainly impacted the hawala system. But how long is this impact expected to last? Because of limited record keeping and undecipherable coding of each transaction, it is intricate to intercept the hawala transfers. Therefore, the challenge before the intelligence agencies is to track the trail of money which are transferred through hawala. This is especially an arduous task for agencies involved in counter-terrorism efforts. Intelligence agencies should be provided with sophisticated technologies to help them succeed in this. Although demonetisation has hit hawala operations, there are several reports on their revival too. One should therefore understand that demonetisation is not a checkmate to hawala, rather it is a checkpoint. There are more such measures which are necessary to curb such underground systems and to keep them in check. The current political leadership seems to have understood this.
In total, this is a transition from an untraceable to a traceable system of functioning, an investment for a better tomorrow.
Read more at https://swarajyamag.com/ideas/on-the-hawala-trail-demonetisation-has-done-its-bit-but-more-needs-to-be-done
The demonetisation move has certainly impacted the hawala system. But how long is this impact expected to last? Because of limited record keeping and undecipherable coding of each transaction, it is intricate to intercept the hawala transfers. Therefore, the challenge before the intelligence agencies is to track the trail of money which are transferred through hawala. This is especially an arduous task for agencies involved in counter-terrorism efforts. Intelligence agencies should be provided with sophisticated technologies to help them succeed in this. Although demonetisation has hit hawala operations, there are several reports on their revival too. One should therefore understand that demonetisation is not a checkmate to hawala, rather it is a checkpoint. There are more such measures which are necessary to curb such underground systems and to keep them in check. The current political leadership seems to have understood this.
In total, this is a transition from an untraceable to a traceable system of functioning, an investment for a better tomorrow.
Read more at https://swarajyamag.com/ideas/on-the-hawala-trail-demonetisation-has-done-its-bit-but-more-needs-to-be-done
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