New currency notes being sold ahead of the Eid-ul-Fitr at a makeshift shop at Gulistan in the capital on Friday. — FE Photo
New banknotes worth taka several million are being traded daily in the capital's three footpath money markets ahead of Eid festivities.
The demand for shinny notes is fairly high as many want to give pretty Eid tips to kids and dear ones on the happy occasion, matching with their new dresses.
Though it is not legal, vendors have long been running the trade in taka at three kerb markets: in front of Bangladesh Bank, Gulistan and in front of the Sadarghat branch of Bangladesh Bank.
A section of people in the central bank and some other private banks allegedly has a nexus with the money vendors.
However, BB executive director (Currency) Subhankar Saha said central bank staff members have no involvement in this banknote business.
On a visit to those markets, people who do not want to take the pain of queuing up at the central bank for taking new notes were seen thronging those markets.
The traders are extremely reluctant to talk about the trade. They only said they collect new notes appointing poor people to line up at the central bank's new note-distribution counters. Rotationally they collect new notes all day long.
"But traders only collect 40 per cent of the notes through this process -- the rest come through illegal channels," said one trader in front of Senakalyan Bhaban in the business district of Motijheel.
According to them, the highest amounts of new banknotes are being sold in front of Senakalyan Bhaban and Bangladesh Bank Building.
Altogether, some 80-100 traders are trading fresh notes worth about Tk 7.0-8.0 million at the three footpath markets during the Eid bonanza, according to people involved in the trade.
The BB executive director, Mr Subhankar Saha, said trading in banknotes is illegal. But it does not happen on the bank premises.
"We do not have enforcement power outside of bank premises. We can do nothing," he said.
Contacted, Motijheel Thana Duty Officer Nasir Uddin Tuhin said he did not know it is illegal.
"If anybody complains formally, the police station will take action, certainly," he said.
However, Mr Subhankar Saha said they discussed the illegal banknote and fake-currency trading during meetings with law-enforcement officials ahead of Eid.
But the information might not have reached the local police stations.
Bangladesh Bank released on July 01 new currency notes amounting to Tk 220 billion on the market ahead of the Eid-ul-Fitr festival.
The new notes are being distributed from July 2 to July 16 from all counters of Bangladesh Bank office.
According to new rules, a person is not allowed to collect notes more than once, but the Bangladesh Bank coin counter will supply coins continuously to meet people's demand.
One can collect only Tk 9,500 once, as per rules.
Besides the BB branches in Dhaka, Chittagong and other offices, the bank branches that will supply new notes of Tk 1.0 to Tk 50 denominations are Jatrabari branch of the National Bank, Abdul Gani Road branch of Janata Bank, Elephant Road branch of Agrani Bank, Mirpur branch of Prime Bank, Karwan Bazar branch of Southeast Bank, Bashundhara City branch of SIBL, Chawkbazar branch of Uttara Bank, Ramna branch of Sonali Bank, Uttara branch of Dhaka Bank, Gulshan branch of IFIC Bank, Mohakhali branch of Rupali Bank, Mohammadpur branch of First Security Islami Bank.
The banks have released new notes of Tk 100, Tk 500 and Tk 1,000 denominations through eight branches of commercial banks.
While visiting the areas Thursday, the retailers were found charging about Tk 20 to 30 in profit for exchange of a bundle of 100 new banknotes of 100-taka denomination with old notes.
Notes of smaller denominations -- such as Tk 10, Tk 20 and Tk 50 -- are sold at higher prices comparatively at the illegal markets.
Rubayat Hasan, who works for an indenting firm in Motijheel, said he bought currency notes worth Tk 5,000 of Tk 10, Tk 20, and Tk 50 denominations paying an extra amount of Tk 300.
He said he does not want to stand in queue for an hour for this money. This is easier for him as he can save one hour.
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