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30th-Jul-2020       
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Fake Bank Notes In The Cattle Market

Once again, ahead of Eid-ul-Azha when huge sales of sacrificial animals take place across the country, counterfeit note forgery syndicates have targeted the cattle markets like they do every year. Fake note is widespread ahead of the Eid-ul-Azha in the cattle market. It has become a threating issue and common people need to have the proper knowledge regarding the currency features to identify the fake notes. Study shows very limited number of people has awareness on the security features.
Currency duplication also known as counterfeit currency is a vulnerable threat on for any economy. It is now a common phenomenon due to advanced printing and scanning technology. Bangladesh has been facing serious problem by the increasing rate of fake notes in the market.
Before every Eid-ul-Azha, the Bangladesh Bank used to instruct all scheduled banks to set up booths in the cattle markets ahead of Eid-ul-Azha to detect fake or forged notes considering the huge cash transaction. The central bank also advised the banks to contact with the local authorities including City Corporation, district offices, municipalities and the law enforcing agencies to ensure smooth transaction.
According to BB rules, if any fake notes are found, people circulating such notes should be handed over to police. However, if the bank finds that the people in question were unaware about such misconduct and presented the note in a good faith, the bank would take detailed information about them and deposit the fake notes to the police.
To get rid of this problem, various fake note detection methods are available in the market and most of these are hardware based and costly. But if higher number of people gets knowledge on the subject matter, counterfeit currency circulation can be stopped forever from the market.

Md. Zillur Rahaman
Dhaka

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