The central bank of Germany came up with the suggestion as Bangladesh Bank had earlier sought their recommendations 

The Deutsche Bundesbank has advised the central bank of Bangladesh to further scrutinise the proposed law against fake note circulation before enacting it.

The central bank of Germany came up with the suggestion as Bangladesh Bank had earlier sought their recommendations.

Bank and Financial Institutions Division of the finance ministry recently received the recommendations through Bangladesh Bank, said an official.

The Bundesbank said there has been no separate law against fake note circulation in the countries of this subcontinent such as India, Pakistan, Sri-Lanka and Nepal.

“Bangladesh Bank should have second thought before enacting such an act against circulation of fake notes, keeping the provision of special punishment and mobile courts,” said the bank.

Earlier, Bangladesh Bank had decided to enact an act against fake note circulation before the beginning of holy month of Ramadan with a provision of keeping mobile courts to stop the circulation of fake notes in the market.

However, there has been a strong law against circulation of fake notes in other developed countries like USA, Canada and Australia, said a Bangladesh Bank source.

According to the proposed law, a person, who would be found guilty in involving with the fake note business, will be awarded 10 years of imprisonment.

Meanwhile, a total of 5000 such cases have been remained pending in the courts. At least 21 fake notes syndicates become active in the market ahead of the Eid festivals.

The fake notes syndicates became active when Tk1000 new notes were release from Bangladesh Bank. Usually, the syndicates turn Tk100 notes into Tk500 fake notes using unfair means, sources said.

The executive director of BB Dasgupta Asim Kumar noted that the central bank of Germany mainly opposed a certain provision of the proposed law against the fake note circulation and we are now examining the matter.

Nine wings of Border Guard Bangladesh (BGB) under the ministry of home are now keeping strong vigilance on the syndicates of the fake notes makers.