Counterfeit currency in circulation
Kathmandu, February 27
Circulation of fake banknotes in the market was the discussion topic at Nepal Rastra Bank today after one high-ranking official was deceived with a fake note.
The fake note was sent to the Currency Management Department of the central bank for the purpose of investigation and disposal.
Central bank officials suspect that circulation of high denomination fake notes spiked during the elections, when cash transactions rose exponentially.
Police, who have been receiving increasing number of counterfeit currency complaints, say racketeers tend to circulate counterfeit notes when circulation of cash is high in the market.
The head of Central Investigation Bureau of Nepal Police, Deputy Inspector General Pushkar Karki said earlier the police used to deal with such cases occasionally, but the flow of complaints has gone up significantly in recent days.
How to detect fake notes
- They have no watermark
- Security thread is missing
- Ink is delible
- Paper quality is poor
NRB is apprehensive about the circulation of high denomination counterfeit notes, as it could adversely affect the country’s economic security. The central regulatory and monetary authority has urged banks to properly check notes during deposits.
Deputy Governor of NRB Chinta Mani Siwakoti expressed dissatisfaction at the negligence of banks while accepting deposits in bundles of notes with tags of other banks.
NRB has urged the public to carefully check high denomination notes during transactions. Fake notes can be identified by checking security thread and paper quality. Those who receive fake notes will have to bear the loss themselves. Any person found carrying bulk amount of such counterfeit notes and repeatedly cheating people will be taken into custody based on complaints, Siwakoti told THT.
The central bank has no idea about the amount of counterfeit currency in circulation. However, bankers believe that such forged notes are mainly in denominations of Rs 500 and Rs 1,000. They advise people to use cards and make digital payment for major transactions.