Tuesday, 28 March, 2023

Choke counterfeit currency

  • Sun Online Desk
  • 30th January, 2023 08:01:19 PM
  • Print news

We are worried reading the lead news published in this daily yesterday stating that counterfeit currency has been injected into banks and automated teller machines (ATMs). It has been a serious concern for commoners as they hardly doubt a note after withdrawing money from banks or booths, and there is hardly anything to do if anyone receives counterfeit currency from ATM booths. Under such a scenario, how do banks duck their legal responsibility for injecting fake notes into ATM booths?

In many cases, a good number of ATM booths of commercial banks are reportedly loaded with fake notes. Even a forged bank note was received from an ATM booth in Paikgachha upazila of Khulna. The incident suggests that some unscrupulous bank officials are also involved with the rackets and currency counterfeiting gangs are active across the country. Moreover, these groups are even counterfeiting the currencies of other countries.

Fake currency is a real threat to the country's economy. Circulation of fake currency notes weakens an economy and destroys the lives of unsuspecting innocent people since they, particularly from middle and low-income groups, bear the brunt of currency counterfeiting as sometimes their toilsome labour goes in vain because of this. The economy will be damaged if the gangs continue forging banknotes.

Therefore, the government will have to be stricter against criminals as well as corrupt bank officials. However, despite some action from law enforcement agencies, counterfeiting currency has not stopped just because of the loopholes of the related law. It is learnt that the criminals arrested for engagement in currency counterfeiting by law enforcement agencies get bail easily. What is more frustrating is that most of them reengage in the crime after coming out of jail.

To bar currency counterfeiting as well as to halt criminals, laws should be reformed, keeping a provision to award long-term punishment to offenders. At the same time, campaigns must be conducted to make the masses aware of the difference between counterfeited notes and the original ones since many of them are incapable of identifying fake notes. The main thing is that by hook or by crook, the circulation of forged currency must be choked.

Source: Sun Editorial