The Bangladesh Bank (BB) has issued an urgent advisory calling on the public to exercise increased caution during cash transactions, following recent reports in national dailies and social media platforms, including Facebook, about a significant influx of counterfeit currency into the country.
The central bank released a notification on Wednesday (October 15), acknowledging the reports, which it noted could potentially create “public concern and confusion.”
Counterfeit Currency is a Punishable Offence
The Bangladesh Bank emphasized that the creation, possession, and transaction of counterfeit notes are completely illegal and punishable offenses under the country’s prevailing laws. The bank affirmed that it, along with law enforcement agencies, is “fully aware of the spread and harmful effects of fake currency” and remains “regularly active in taking effective measures to prevent the circulation of counterfeit money.”
Guidelines for Public Safety
In light of these concerns, the Bangladesh Bank is advising the public to follow the undermentioned guidelines to be more vigilant in cash transactions and help prevent the circulation of fake notes.
Key Instructions for the Public:
- Verify Security Features: Always check the security features of notes upon receiving them. These include the watermark, intaglio printing (raised print), security thread, color-shifting ink, and micro-print.
- Utilize Banking Channels: For large-value transactions, the public is strongly advised to use official banking channels.
- Opt for Digital Payments: Where possible, use digital payment methods for cash transactions.
- Report Suspicious Notes: If you encounter a suspicious note, immediately contact law enforcement or dial the national emergency helpline, 999.
‘Know Your Notes, Ensure Safe Transactions’
The Bangladesh Bank concluded its statement by encouraging everyone to remain conscious under the motto: “Know your genuine notes, ensure safe transactions.”
The public is directed to visit the official Bangladesh Bank website (bb.org.bd) to learn more about the security features of authentic banknotes. The central bank also noted that informational posters and X-banners regarding genuine note features are displayed in every bank branch across the country.
