CBI Raids: Allegations of corruption in the protection of Indian notes! CBI raids former Union Finance Secretary’s house – mssewb.org

CBI Ex Finance Secretary Corruption: CBI raids former Union Finance Secretary’s house on allegations of corruption related to Indian currency. According to the CBI, the ‘exclusive color shift security thread’ of Indian currency notes was supplied to a company in England by former Union Finance Secretary Arvind Mayaram. That is why the CBI filed a complaint against Mayaram and the UK-based company. The CBI further alleged that the former Union Finance Secretary, the Union Finance Ministry and some officials of the Reserve Bank of India were involved in a conspiracy to illegally benefit the respective foreign companies. Allegedly, Mayaram broke the rules and procured the supply of ‘exclusive color shift security thread’ to the British company. Where the contract with that company had ended a long time ago. But still Mayaram extended the contract. And in order to extend this period, he did not take the mandatory permission of the then Union Finance Minister and the Union Home Ministry.

Incidentally, the ‘Exclusive Color Shift Security Thread’ is a type of security ring. Holding the note in hand and rotating it changes its color. This color change can tell the difference between real cash and fake money. Hence this color shift security thread is very important. Because, this colorshift security thread provides a security to each currency note. As a result, the security of the country’s currency notes was compromised and the CBI filed a complaint against Mayaram for alleged involvement in conspiracy and fraud. However, many consider one incident to be significant here. That is, the 1978 batch retired IAS officer had participated in Congress leader Rahul Gandhi’s ‘Bharat Joro’ journey the previous day. As a result, many are claiming that the CBI raid on the house of the former Union Finance Secretary was politically motivated.

However, it has been ruled out by the investigating agency. The British firm was cited since 2004 for manufacturing security rings of that color for Indian rupees, the investigating agency said. But there was a loophole in that rule. The breach was brought to the attention of the former finance secretary, but he ignored it and cited the UK agency for the fourth time in 2013.

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