Delhi: Prime Minister Narendra Modi's move to demonetise Rs 500 and Rs 1,000 currency notes will cripple Naxal activities, as per a media report.


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India Today quoted assessment by highly-placed intelligence and police officials as saying that in Naxal strongholds of Chhattisgarh, Jharkhand and Odisha, insurgents have buried their finances in Rs 500 and Rs 1,000 bills deep in thick forests.


Now the security forces have stepped up vigil on getting information that guerrillas might attempt to dig their expired cash holdings.


"Authorities have stepped-up monitoring of all entry points to the forests where Naxals could have dumped their funds," according to intelligence officials.


A senior police official was quoted as saying by the media house, "If the Maoists are in possession of even a fraction of the amount estimated by security agencies, they will be hit badly."


As per Institute of Defence Studies and Analysis 2013 study, Naxals' extortion revenue stands at Rs 140 crore per year. However, intelligence officials believe that they could have buried as high as Rs 7,500 crore underground at this point in time.


Security officials say that only top committee leaders of Maoists know exact location of cash dumps.


They may now ask some of their trusted tribals to take the money out, Chhattisgarh police believe, the report said.