Monday, January 7, 2013

'Death penalty' for counterfeiting currency

Dhaka, Jan 7 (bdnews24.com) – A law providing even for 'death penalty' for counterfeiting currency is under consideration , say Bangladesh Bank Executive Director Ashim Kumar Dasgupta .

The central bank is also introducing an analysis centre in Dhaka to combat large scale counterfeiting with assistance from Germany.

The new law proposes a minimum of six months imprisonment for producing counterfeit currency.

Bangladesh Bank Currency Management department officials said the law proposed the 'death penalty' for confiscation of 10,000 or more than 10,000 fake notes or relevant paper of the same amount, ink and other accessories.

The Executive Director told bdnews24.com that the 'Fake Note Analysis Centre' would be started with assistance from Deutsche Bundesbank – the central bank of Germany.

He said this will help develop skills amongst bank officials to track down counterfeit currency and improve security measures to check distribution of fake currency.

He said a delegation from Deutsche Bundesbank will visit Bangladesh in February to train up officials earmarked for posting at the proposed analysis centre.

The primary draft of the law prepared against counterfeiting has been sent to the Ministry of Law for necessary vetting.

The law also proposes a separate section to ease judicial difficulties caused by lack of witnesses.

According to central bank officials, more than five thousand cases are pending now on charges of currency counterfeiting.

Officials hope the law will be passed in the next parliament session.

Source: bdnews24.com, January 7, 2013