Counterfeit notes trigger panic

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Md Mazadul Hoque People are increasingly way of carrying transactions with new currency notes, particularly of Taka 1000-, Taka 500- and Taka 100- denominated ones, because of the market being over-flooded with counterfeit notes of such denominations. The worry about such transactions is all the more extensive, particularly during the night-time. Customers are particularly dissatisfied over new currency notes of large denominations because of their alleged wide-scale forgery and they are demanding old notes, instead of new ones, at the banks' counters, bankers said. Akmal Mahmud, a manager of Hossain Stores of New Market, told the FE that the customers were not taking new currency notes of Tk 100 and Tk 500 at all because of fear of about those being counterfeit ones. "During night-time transactions, we are also avoiding new currency notes as it is very difficult to differentiate between genuine notes and forged ones", Mr Mahmud also said. Monir, a seller of Lazz Pharma of Kolabagan, said the customers generally demand new currency notes but they are completely avoiding such notes of the denomination of Tk 100 and Tk 500. A cashier of NCC Bank of Elephant Road branch told the FE that just after release of new currency notes, the customers' demand for new notes was higher, especially after last Eid-ul-Fitr but now the demand has ebbed. A high official of City Bank branch at New Market in the capital said for last 10 days the customers are getting frightened to take new currency notes from the cash counter because this time a number of counterfeiters of currency notes have been caught red-handed. "The central bank should have been extra-cautious about the shape of both Tk 100 and Tk 500 notes before circulating them in the market, as a section of dishonest people are trying to do "brisk" business with their counterfeit versions in city's different areas because of producing their "forged" versions at ease and I also got a forged note of Tk 500 last Sunday night", Nizam, a fruit seller of city's Paltan area, said. Razia Sultana, who came to Elephant road from Uttara for shopping, said she would completely avoid new currency notes as detection of counterfeit notes was an impossible task for her. Deputy Commissioner of Detective Branch Monirul Islam told the FE that the drive against counterfeit-note 'producers' had been intensified and during the last seven days two forged currency-note factories had been unearthed. "We have reasons to suspect that a number of bankers are linked with this business of 'producing' forged currency notes and are trying our best to find out who are the masterminds behind this", Mr Islam said. He said ahead of the Eid-ul-Azha, the supply of forged currency notes may increase across the country. That is why the drive has been intensified, he added. Additional Commissioner of Dhaka Metropolitan Police (crime) Abdul Jalil Mondal told the FE that a large number of counterfeit currency notes might be transacted at cattle markets in the city. Machines for detecting forged currency notes would be made available at all cattle markets in the city, he added.