Handling fake currency
Sunday, 29 March 2009
Individuals have a responsibility in detecting fake currency notes. But it should be easy to realise the risks posed to people when such notes are supplied to them from banks. For instance, circulation of fake notes through banks has been noted. This is unthinkable, but this has been happening.
People used to relying on bank-supplied notes as perfectly safe do not usually feel the urge to scrutinise them carefully. But the law enforcement authorities can arrest a private individual for carrying counterfeit notes supplied to him or her from a bank without that person knowing about the deceit. Thus, it is very important to screen out the ones who are doing this crime in the banks.
They must be identified immediately and taken off their services because at stake is the confidence of the depositors in the banking system and the economy of the country. Circulation of counterfeit currency through banking channels must be nipped in the bud and an all out countrywide drive must begin right away to identify the networks engaged in it in order to destroy it. Nothing short of this will do.
Apart from direct law enforcement measures against the forgerers, all financial institutions ought to upgrade their capacities to deal with the forged notes. They should devise ways of scrutinising the notes before engaging in public transactions with these. Use of good enough detection machines and other aids should be made compulsory in all banks and financial institutions for the purpose.
Abdul Quadir
Rankin Street
Wari, Dhaka
People used to relying on bank-supplied notes as perfectly safe do not usually feel the urge to scrutinise them carefully. But the law enforcement authorities can arrest a private individual for carrying counterfeit notes supplied to him or her from a bank without that person knowing about the deceit. Thus, it is very important to screen out the ones who are doing this crime in the banks.
They must be identified immediately and taken off their services because at stake is the confidence of the depositors in the banking system and the economy of the country. Circulation of counterfeit currency through banking channels must be nipped in the bud and an all out countrywide drive must begin right away to identify the networks engaged in it in order to destroy it. Nothing short of this will do.
Apart from direct law enforcement measures against the forgerers, all financial institutions ought to upgrade their capacities to deal with the forged notes. They should devise ways of scrutinising the notes before engaging in public transactions with these. Use of good enough detection machines and other aids should be made compulsory in all banks and financial institutions for the purpose.
Abdul Quadir
Rankin Street
Wari, Dhaka