Wednesday 30 October 2013

Central Bank investigates circulation of CID-marked counterfeit bill

The Central Bank has launched an investigation into the circulation of a counterfeit bill that has already been marked by the Criminal Investigation Department.

A coffee shop owner from North Okkalapa Township in Yangon sent a letter to The Daily Eleven after she found a Ks 1,000 counterfeit bill while counting money on September 22. The Daily Eleven published her correspondence as a letter to the editor on October 3.

The bill was stamped as a counterfeit and includes written remarks from a government department.

When counterfeit bills are found they have to be submitted to the CID, which then must submit them to the Central Bank after stamping and signing the bills, according to a Central Bank official.

Phyu Phyu Swe, project officer for the Myanmar Central Bank at the branch on Bosoonpat Road, confirmed that the bill was a counterfeit and said it was an unusual case.

“I have taken on many cases of counterfeit bills. After the [bills] are handed to the CID, they confiscate them and take down details such as the number of sheets and their sizes. The bills are then passed on to the chemistry department, laboratory, or the bailiff and are destroyed later on,” said Phoe Phyu from the Purple Equity law firm. “It is unusual for this kind of bill to be circulating in the hands of the public, and it shouldn’t have happened at all. When our country is facing many problems, it is very worrying that this counterfeit bill issue has come up.”

The authorities have confiscated more than 8,000 units of Ks 1,000 counterfeit bills in Yangon Region this month while other counterfeit bills were confiscated in Mandalay last month.

source: Eleven Myanmar
http://elevenmyanmar.com/national/3887-central-bank-investigates-circulation-of-cid-marked-counterfeit-bill 

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