Preventing currency forgery | 2017-06-19 | daily-sun.com

Preventing currency forgery

    19 June, 2017 12:00 AM printer

Eid shopping is gaining momentum with one of the biggest annual festivals nearing and obviously money circulation is going to be the highest on this occasion. Currency forgers are reportedly gearing up their activities to spread as many fake currencies as possible to maximise their profit.

 

According to a daily sun report, they are active in areas including, Motijheel, Gulistan, Sadarghat, Jatrabari, Sayedabad, Mirpur, Mohakhali, Farmgate and New Market.


People become losers by accepting valueless fake notes. The central bank issues and puts a certain amount of money in circulation in line with the monetary policy. Fake currencies put extra pressure on the money supply and thereby directly affect the country’s economy.


External shock caused by the unusual supply of fake currencies creates a serious mismatch in the monetary policy. Fake currency notes exacerbate inflation to affect the lifestyle and exert negative impacts on the overall development by increasing the cost of doing business.  


Law enforcers, at times, arrest ringleaders and criminals who are involved in manufacturing and circulating counterfeit currencies and they recover machines and raw materials that criminals use for making forged bank notes. In operation, crime busters recover fake currencies, which are believed to be a small fragment of the total fake currencies being circulated in the country.


However, most of the criminals get released after serving a few months in jail. According to legal experts, culprits exploit the loopholes in the law to be released on bail and return to the illicit business. The criminals intensify their efforts to inject a huge amount of fake currency in the economy during big festivals.


The people should be made aware so that they can distinguish a genuine note from a fake one. Clandestine manufacturers nowadays use sophisticated technology for faking notes. The awareness programme, thus deserves to be intensive, extensive and sustained. And, above all, the forgery prevention endeavours should be based on striking at the roots, rather than dismantling the cobwebs of manufacture. The godfathers behind this crime must be brought to book and punished exemplarily.

 


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