RECENTLY, one of my former co-workers told me a tragic story that centres round some odd number of two-Taka notes. The story, what I consider to be a tragic one is, in short, as follows:
A few months back a team of Bangladesh Bank officials (in disguise) went to a branch of a local bank in the city and one of them tendered a couple of two-Taka mutilated notes over the cash counter and demanded for the 'exchange value' in new two-Taka notes. The concerned teller paid the 'exchange value' in all fresh two-Taka notes except one, which was, however, not that fresh as demanded by the BB inspectors in disguise.
Consequently, the Bangladesh Bank inspectors reported the matter to the bosses of the bank concerned accusing the poor teller of not providing 'new notes' in 'exchange value' and directed for taking strong 'disciplinary' actions(s) against the teller.
The bank authority rather reacted (or acted) too promptly. The die is cast and the stage is, it appears, set to fix the counter teller. May be the poor teller is destined (or designed) to be fired.
Here lies the tragedy. On a fact finding observation, it is found that the counter teller was neither given such small denomination notes -- fresh or relatively new -- from his controlling end nor received such notes during the process of transactions in the day. However, the teller managed to collect the required 'exchange value' in rather 'good money' in a very courteous manner. But the fate of the poor teller is, perhaps, sealed for failing to please the Bangladesh Bank bosses. It is more like a repeat case of "Kesta beta-e chor" -- Krishna is the thief.
Here, it may be mentioned that the 'two-Taka notes' now in circulation are so sub-standard that those become unusable just after a few transactions/transfers and naturally ordinary people feel bothered when payments are made in two-Taka notes in particular.
Most notes -- be that of one-Taka or 500-Taka denomination -- of the Bangladesh Bank are sub-standard in quality because the papers, chemicals and other security properties that are used are poor according to the international standard. This is why the notes get quickly mutilated or soiled. And notes of higher value are frequently counterfeited.
In my humble reading, the whole process seems to be a case of dishonesty (on the part of Bangladesh Bank) and 'blame game' technique adopted by the Bank concerned.
Would the Bangladesh Bank bosses make honest answers to the following questions:
1.Who is responsible for poor and sub-standard bank notes in circulation?
2.How do illegal/open 'fresh note markets' operate at Sadarghat, Gulistan and New Market areas?
3.How do these traders get such large number of new currency notes (of all denominations)?
4.Do they know one out of ten notes (of 50 Taka to 500 Taka) is counterfeited? Is this their level of competence or success story?
The open secret is that the exchange traders charge @ 10 per cent from the customers and collect new notes paying @ 3.0 per cent to the officials concerned at the Bangladesh Bank.
About the supervising too (technique), the 'direct role playing', as adopted here, is rather a poor one. Such direct acting pre-fixes the mind-set (in an accusing attitude) and debars one from acting impartially or in an unbiased way, what is expected from an independent observer.
Average minds suggest that the Bangladesh Bank people should better do some soul-searching and endeavour to make their notes of better quality, for ensuring minimum durability.
On the part of the bank, we would request them to be a little more humane. See reasons before you jump on. Demotivate your people at the intermediate level to make sure that they keep the supply-side responsive to the customers. Then be assured that delivery at the counter will improve automatically. Please do not be hyperactive because that will only cast upon your own level of efficiency.
A former banker
Dhaka
