Penalty to go up with amount of fake currency
The Bangladesh Bank recently sent the final draft of the Counterfeit Currency Control and Prevention Act, 2020 to the Financial Institutions Division
Anyone found possessing counterfeit currency will face time in prison and have fines slapped on them proportionate to the amount of fake notes found in their possession.
The severity of the punishment will be even harsher for repeat offenders. Anyone involved with the production and distribution of counterfeit currency could face life imprisonment or up to a fine of Tk1 crore or both for repeat offences.
Keeping such provisions in view, the Bangladesh Bank recently sent the final draft of the Counterfeit Currency Control and Prevention Act, 2020 to the Financial Institutions Division (FID) of the Ministry of Finance, said Md Serajul Islam, executive director and spokesperson of the central bank.
Meanwhile, FID officials said the final draft was set to be tabled as a bill in the Jatiya Sangsad soon after vetting by the law ministry.
The Department of Currency Management of Bangladesh Bank has informed the FID that the final draft had been prepared with inputs from National Security Intelligence (NSI), Bangladesh Police, Security Printing Corporation (Bangladesh) Ltd, Ministry of Posts, Telecommunications and Information Technology and National Board of Revenue.
The Business Standard has obtained a copy of the document sent to the FID.
According to the provisions of the draft law, anyone possessing fewer than 100 fake notes of any denomination will face up to two years of imprisonment or Tk1 lakh fine or both. A second time offender with the same amount of notes will face five years of imprisonment or Tk5lakh fine or both.
A third time offender with the same amount of notes will face 10 years of imprisonment or Tk20 lakh fine or both.
Anyone possessing more than 100 but fewer than 500 fake notes of any denomination will face up to five years of imprisonment or Tk5 lakh fine or both. A second time offender with the same amount of notes will face seven years of imprisonment or Tk10 lakh fine or both.
A third time offender with the same amount of notes will face 12 years of imprisonment or Tk50 lakh fine or both.
Anyone possessing more than 500 fake notes of any denomination will face seven years of imprisonment or Tk10 lakh fine or both. A second time offender with the same amount of notes will face 12 years of imprisonment or Tk20 lakh fine or both.
A third time offender with the same amount of notes will face life imprisonment or Tk1 crore fine or both.
According to the draft law, buying, selling, importing, exporting and repairing counterfeit currency making equipment isa punishable crime.
Possessing hard or soft copies of counterfeit currency making techniques, spreading rumours regarding fake or genuine currency, making profits off new or old currency, and buying or selling currency with any intention of committing fraud will also be punishable under the proposed law.
For such crimes, a first time offender will face up to five years of imprisonment or Tk10 lakh fine or both. A second time offender will face ten years of imprisonment or Tk50 lakh fine or both.