May 4: An official of a business firm in Birgunj found a counterfeit note of Rs 500 from a bundle of notes received from a branch of Rastriya Banijya Bank (RBB) here on May 3.

When he instantly went to inform about the counterfeit note, the officials of the bank refused to exchange it saying the bank did not hand him the counterfeit money.

This is just an example as there is fast spread of counterfeit bank notes in the Birgunj economic zone. The general public is suffering adversely as even the bank is giving counterfeit notes of Rs 500 and Rs 1,000 to customers.

One of the victimized trader said, “The reliability of bank’s payment has diminished as it has started handing over counterfeit notes. The general public is suffering badly as even the banks could not identify and control the fake notes.”

According to Pradip Bhattarai, Deputy Director of the Nepal Rastra Bank, Birgunj, the makers of counterfeit money are bringing fake Rs 500 and Rs 1,000 notes in the market.

After counterfeit notes were seen in the market, NRB’s Regional Office has directed commercial banks to assess the quality of notes, but it is not followed properly.

The commercial banks are not alert while receiving counterfeit monies and the banks return counterfeit money back to the general public. Bhattarai said, “The commercial banks are alerted after such counterfeit notes were received from these banks, and the notes found have been withdrawn which are mostly of Rs. 1,000 denomination.”

One of the managers of the bank informed that due to lack of quality in testing counterfeit notes, the fake money makers are successful in bringing such money in the market.

Moreover, the official who found the note said that note-testing devices have limited features resulting in increase of counterfeit money prevailing in the market.

 Meanwhile, the clean-note policy of NRB is also found to be causing trouble as banks do not stitch bundles of notes, and if fake note is found in the bundle with tag only, the banks do not own it and people are victimized.