Guwahati: The security agencies have alerted the banks in Nagaland and Arunachal Pradesh that anti-talk faction of Ulfa and the National Democratic Front of Bodoland (NDFB) rebels are trying to exchange old currency in several crores.
Pointing out that a security agency had specific inputs about the consignment of '9 crore old currency being brought from Taga camp of Ulfa in Myanmar towards Nagaland, security sources said that Ulfa(I) and NDFB(S) rebels are suspected to have succeeded in exchanging some currencies but nearly 40 per cent of it was lost in exchange through conduits.
Indicating that demonetisation has hit them hard in Myanmar, security sources said that Ulfa(I) also used the family members of its cadres and some associates in Nagaland in converting the old notes.
Security sources said that the NSCN(K) also had a huge consignment of old notes but they have succeeded in depositing them into accounts of their local sympathisers in Nagaland.
Asserting that security agencies had alerted the banks and chief secretaries of these states about the movement of currencies from Myanmar, sources added that the income-tax department had very limited window in tracking down such illegitimate transactions through the accounts of local tribal people.
The tribal residents of Nagaland and Arunachal Pradesh are not required to pay any income tax, security sources said, adding that they can’t be forced to reply tax related quarries as well.
Informing that militants have been using this route to transfer fund to the family members of the cadres, security sources said that legally, it would be very challenging for the IT sleuths to grill the local tribal residents on transactions in their accounts.
Security agencies told this newspaper that forces are guarding international border with Myanmar to stop them from exchanging the currency.
