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Counterfeit notes might enter Bhutan

9 May 2009

Five years after the largest catch of fake currency in Bhutan, the threat is back again.

Seema Sashastra Bal (SSB) officials in India say fake Bhutanese currency (of 100 and 500 denominations) with face value seven million (seventy lakhs) has been printed and have chances of entering Bhutan from any entry points. The source said if the dealers are successful in carrying out their act, it will affect the economy of both Bhutan and Indian bordering town where Bhutan currency are accepted.

Source said “Our intelligence inputs suggest that the currency is being printed in Singapore and at least three business people based in Phuentsholing are supposedly engaged.” He however said the investigation is being carried out and it not yet confirmed how and where it is exactly printed and circulated. He said “according to intelligence report collected the new Nu 100 and Nu 500 notes are counterfeited.”

“A sub-agent will receive 200 for every Nu 150.” “Meaning if you give the fake currency dealer Nu 150, you will be given Nu 200 (fake). If you are successful with the transaction, you will have a profit of Nu.50,” he explained.

Meanwhile, SSB official at the borders said they have been informed about possibilities of such activities and they are on high alert. It was learned that Indian military intelligence are doing their rounds in Phuentsholing and the neighbouring town. An SSB official said they have already seen the suspects and every activity of them are followed.

Bank officials in Phuentsholing said, the people dealing with money at the counters are being trained and instructed according to the instructions from Royal Monetary Authority of Bhutan. They said, bank officials will know the genuineness of the currency even by feeling it although bank around the country are equipped with money detectors.

Public we talked with said there was need for the government give awareness to its people regarding the new currency.

By Rabi C. Dahal

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