India has turned into a hub for supply of funds to terrorists: US

 NEW YORK US said that India has turned into a hub for supply of funds to terrorists due to its network of ‘Hundi’ and ‘Hawala’ system of funds remittances. US State Office report available here said this. US report quoting Reserve Bank of India said that an amount of $42.60 billion was remitted to India during 2007-2008. Analysts said that during the same period an amount in the range of $13-17 billion were remitted through Hawala Market, a parallel system of the legal one. Report said that India on priority should cooperate in those international efforts aiming at making the parallel systems of remittances transparent in view of the Hawala Market directly linked to the supply of funds to the terrorists. US State Office report said that India should take up effective law making for combating money laundering and halting the supply of funds to terrorists. India has been asked in the report to work for becoming a full member of inter-governmental organization, Financial Action Task Force, which formulates policies for this purpose.