There are still some counterfeit banknotes into circulation, says the Royal Monetary Authority (RMA). Till date an estimated of a few thousands of each denomination of counterfeits have been detected.
The RMA cited lack of financial awareness among the public, as one of the greatest challenges, they face in combating the issue of counterfeit banknotes.
Bhutan did not experience any issue of counterfeit banknotes until recently. Although counterfeit cases may be insignificant to the economy of the country, the RMA says it must be tackled seriously.
Banks as the medium
The RMA usually receives the counterfeit notes from banks and the banks receive the deposits from the public. It is the public, who knowingly or unknowingly, deposit the counterfeit notes in the bank.
The police also bring it to the Authority. The RMA receive a few counterfeit notes every now and then.
Negligence of the public
The Currency Officer from the RMA, Tshewang Nidup says, “We have been informing the people through media but the major problem we are facing is that most of the people are aware of what kind of security features are included in our bank notes”.
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He added the biggest concern is that people usually take things for granted and don’t even bother to take a closer look at banknotes. Therefore, it is difficult for the RMA to get accurate information on how much counterfeit banknotes are there in circulation.
With assistance from the World Bank, the RMA has initiated the financial literacy awareness campaign across the country. They plan to visit remote regions to show people the security features of the banknotes.
Security features of banknotes
The Authority has purchased the currency verifier machine and the note-slotting machine. The Authority also plans to propose all the financial institutions to procure more currency verifier machines than just note counting machines.
The major difference, however, can be seen under the currency verifier machine. While the counterfeit notes glow entirely when placed under the UV lights, the genuine banknotes does not, except for a block and the denomination in the middle of the note and some randomly spread security fibres.
The first major case of counterfeit notes was detected in 2012 from Tsirang. Recently, police in Phuentshogling apprehended a man, who was in possession of fake notes.
The RMA says the fake notes are more likely to be still in circulation and advises the public to be more careful especially with the 100, 500 and 1,000 denominations.
