Counterfeit notes
Tuesday, 28 October 2008
ACCORDING to press reports, counterfeit Bangladeshi currency notes of Taka 500 and Taka 100 denominations are coming from India into the bordering rural areas of the countries where it is difficult to detect the forgery. Reportedly, even some defence personnel received payments of their monthly salaries from banks near the borders areas in such counterfeit notes.
The magnitute of the problem and its implications are obvious. The counterfeit notes obviously pushed into circulation, from across the border, through mainly non-banking sources. But these notes have entered even the banking channels. As the people have confidence in currency notes they get from banks, the authorities need to do everything to stop this mischief posing a serious threat to the country's financial health and economy.
First, the government needs to make the people conscious about the fake notes. They should be kept educated through the mass media on how to detect the forged notes. The fake notes are found to be increasingly difficult to tell from genuine ones. The people should be updated on how to deal with the changing tactics of the targets across the border. Secondly, banks and other institutions need to be equipped with proper detection machines. The machines should be used to weed out all bogus notes.
The Bangladesh Rifles (BDR), the police and other law enforcement agencies must be vigilant, throughout the country particularly in the border areas to track down how the counterfeit notes get into the country to stop same. The offenders and their local collaborators should be caught and given the highest punishment under the law for the deterrent effect.
Anisur Rahman
Mirpur, Dhaka.
The magnitute of the problem and its implications are obvious. The counterfeit notes obviously pushed into circulation, from across the border, through mainly non-banking sources. But these notes have entered even the banking channels. As the people have confidence in currency notes they get from banks, the authorities need to do everything to stop this mischief posing a serious threat to the country's financial health and economy.
First, the government needs to make the people conscious about the fake notes. They should be kept educated through the mass media on how to detect the forged notes. The fake notes are found to be increasingly difficult to tell from genuine ones. The people should be updated on how to deal with the changing tactics of the targets across the border. Secondly, banks and other institutions need to be equipped with proper detection machines. The machines should be used to weed out all bogus notes.
The Bangladesh Rifles (BDR), the police and other law enforcement agencies must be vigilant, throughout the country particularly in the border areas to track down how the counterfeit notes get into the country to stop same. The offenders and their local collaborators should be caught and given the highest punishment under the law for the deterrent effect.
Anisur Rahman
Mirpur, Dhaka.