Counterfeit currency

The arrest of two men with bundles of counterfeit Bangladeshi currencies along with the machines, tools and chemicals from a residential house in the city's Mohammadpur area points to the fact that here is a problem that refuses to go away. It is not for the first time that Mohammadpur has been in the news for similar busting of dens of counterfeiters by members of the law enforcement agencies. Last time, about a year or so ago, when the police raided and recovered look-alike notes and machines for their production, everyone was surprised to see the sophisticated technology used for the near perfect imitation of the original bank notes. Reports had it that the counterfeiters had a plan this time to circulate several million fake notes in the market before the Eid-ul-Azha. From the point of those involved in the crime, that makes sense. But considered in the context of the country's interests, it is a terrible blow to the economy already in the grip of stagflation. People with genuine income are struggling to cope with the price hike and infusion of fake money would have eroded their purchasing capacity even further. Clearly, the unearthing of one set of facility for production of counterfeit notes does in no way rule out the existence of other such facilities in the city and elsewhere. The other worry concerns the ubiquitous presence of a network of gangs who are involved in circulating the fake notes. In that sense, the busting of one illegal currency-making facility is considered just the beginning of the fight against the crime. Who knows if the gang has not already circulated their fake notes! So it is important that the associates of the two persons already arrested are nabbed without any let-up. The two arrested have reportedly been engaged in the illegal business for seven to eight years. This shows the enormity of the problem and the spread of the network for circulation of fake currencies. That there is a need for storming the network is unquestionable. But other related issues should be taken note of. First, what has happened to the counterfeiters who were arrested in the past? If they come out of the prison after a few years, is there any guarantee they would not go back to their old trade? These are talented people and if a process of rehabilitation for them can be started, their talent can be used in a creative manner for productive purposes. Penalties for the crime range from five years to life imprisonment in many countries. Given the prevalence of the crime here, the penalties should be made much more stringent. Then comes the issue of detection of the fake notes. Common people are not always expected to be cautious enough to judge whether a currency note is genuine or not and they can fall victim unsuspectingly. So, a better option is to eliminate the threat of the entry of fake notes into the market.