Sunday, September 10, 2017

Fake Rs. 5,000 notes in circulation!

Bogus currency notes are in circulation throughout the country due to the technology to prevent the printing of such currency notes not being followed, says the Government Printing Department.

It says it receives complaints of bogus currency note printing every
month, with four such incidents being investigated this month alone.

Police seized many Rs. 5,000 fakes from several areas in the past few months, leading to questions about the currency notes in that denomination.

No CDS technology

The country does not follow the internationally-accepted counterfeiting difference system (CDS) that prevents scanning, photocopying or extracting currency notes.

Identifying fakes has become further difficult due to only the banking system having the required technology to identify colour, watermarks, security thread, micro-printing federal reserve indicators and serial numbers.

Fate of Rs. 5,000 notes

The country’s currency note printer, De La Rue Lanka Currency Security Print (Pvt.) Ltd. located at Biyagama investment zone does not follow the CDS.

Government printer Gangani Liyanage said they receive around five complaints about fakes a month.

Economists say that in view of this situation, the Rs. 5,000 currency note will have to be cancelled.



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