BB plans to set 460 fake note detective machines

Posted by BankInfo on Tue, Sep 15 2015 02:08 pm

Abu Sazzad :Bangladesh Bank urged the information ministry, law enforcement agencies and the banks to take preventive measurements against fake currencies with a view to detecting  cattle markets across the country ahead of Eid-ul-Azha.The central bank has sent letter to the Information Ministry for asking all media to broadcast the video footage of fake currency. Bangladesh Bank also urged all media to broadcast their programme on fake notes in the prime time, so that people can easily detect fake currency in the cattle market, said Bangladesh Bank Executive Director M Mahfuzur Rahman to the New Nation.The central bank initiatives for detecting fake notes is not enough, a coordinated effort can help to sort out fake notes from the cattle market", said the BB Executive.Meanwhile, the Central Bank urged the law enforcement agencies to come forward to take strong initiatives against the vested group who are involving with fake notes business.Bangladesh Bank also asked all commercial banks to check the inflow of fake notes in all cattle markets across the country ahead of Eid-ul-Azha.Moreover, the central bank urged the national and district level committees to prevent the circulation of fake notes in the markets. In the letter, the central bank has asked them to take adequate measures to detect counterfeit notes in the markets. "We fear exchange of fake note in the cattle markets ahead of Eid-ul-Azha as large amount of money is exchanged throughout days and night to buy cows ahead of the festival", Said Mahfuzur Rahman.This year Bangladesh Bank has taken more proactive role for detecting fake notes. In this regard, the central bank is going to set some 460 fake note detective machines in the cattle market across the country to protect general people from the counterfeit.The central bank officials will monitor the market in the areas they have offices, informed Mahfuzur Rahman. The BB has also plans to run an awareness campaign to differentiate between a counterfeit and an original currency.According to the sources, more than 40 gangs of counterfeit currency makers are now active in the capital and on its outskirts, targeting the coming Eid-ul-Azha, the second largest religious festival of the Muslims.Detective sources said, these gangs produce huge fake currencies ahead of big festivals like Eid-ul-Fitr and Eid-ul-Azha as demand for money increases on such occasions.Like every year, they have targeted sacrificial cattle markets in the capital to release their counterfeit notes on the occasion of coming Eid-ul-Azha festival, the sources said.In the last few months, law enforcers arrested over 60 persons and seized huge fake notes of Tk 4 crore in the city, according to Dhaka Metropolitan Police (DMP) and Rapid Action Battalion (RAB).A DB official said, "We have strengthened our monitoring team in different areas of the capital to arrest the gangs. Besides, special patrol will be arranged at every market of sacrificial animals in the city," he added.He also said, DMP is working to create awareness about the activities of counterfeit money-making gangs, ogyan party, molom party in bus terminals and launch terminal as well the cattle market in the capital.

News:New Nation/15-Sep-2015
Posted in Banking, News