The New Nation - Internet Edition

MANY of the defence personnel at work along the borders reportedly received fake currency notes as part of their salary. It is reported that the notes were withdrawn from banks. It means that fake currency notes have penetrated the banking system. One person from Tongi was arrested the other day on charge of currency forgery. The Detective Branch of police detained some people with fake notes amounting to Taka 10 lakh this month.

Counterfeiting is probably as old as money itself. Gold or silver coins were counterfeited by 'shaving' the edges of the coins, a process known as clipping. With the development of computer and photocopy technology, counterfeiting of paper currency became easier since the late twentieth century. A crime, counterfeiting was construed even as treason in the past. It is warfare against the monetary system of a country and considered a threat to the safety of a state. Counterfeit money artificially increases money circulation and creates inflation leading to increase in prices of commodities. Wide circulation of fake notes results in the reduction of value of real money. Members of the public are cheated and they incur losses.

A strong vested quarter is involved in this financial crime. Banks are supposed to check notes while receiving cash. Supply of fake notes reportedly from banks is a dangerous aspect of it. Surveillance by the central bank is vital in the fight against this heinous crime. Other banks and financial institutions must also raise alertness. Awareness of the people is the most effective means to check spread of fake notes. People must be taught how to differentiate the fake notes from the genuine ones. Intelligence agencies must heighten surveillance and co-ordinate among themselves to nab the culprits.