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5,000 kyat denomination counterfeit notes found in Rangoon bank

Chiang Mai (Mizzima) – 5,000 kyat denomination counterfeit notes were found early in July in Myanmar Citizens Bank (MCB) in Kyautada Township in Rangoon Region, Rangoon media has reported.

A Burmese 5,000 kyat note.  Photo: MizzimaThe Modern News journal said the counterfeit notes were repeatedly found in deposits made by some palm oil agents, the journal reported, citing an MCB official.
Bank official said a counterfeit note was inserted in every 100-note stack of the currency deposited.

“I think this may be organized crime. Previously we found only one or two counterfeit notes in about six months. We have never found many counterfeit notes like this,” a bank official told Modern News.

However, economist Khin Maung Nyd said the total number of counterfeit notes did not exceed 100.

The bank staff had to compensate for the counterfeit notes and torn notes from their own pockets which cost more than 450,000 kyat (US$ 563), the journal reported.

The case reportedly has not yet been taken to the police.

Other banks such as Kanbawza Bank, Asia Rangoon Bank, Tun Foundation Bank and MCB Mandalay branch bank all said they have not detected any counterfeit notes.

Some of the counterfeit notes of 5,000 denomination were first put into circulation by the Central Bank in October 2009 and the Central Ban issued a notice about the counterfeit bills. The notice said the counterfeit notes had no watermark on the left bottom corner and middle right corner.

Counterfeiting carries a prison term of a minimum 10 years to up to life and a fine. Users of counterfeit notes are liable to a 7-year prison term, or fine or both if they knowingly and intentionally use counterfeit notes.

Radio Free Asia (RFA) Burmese service reported that a policeman was arrested for using a 5,000 denomination counterfeit note in Bago Myoma market in January 2010.

Pyi Myanmar journal reported in May 2010 that the Dawbon police station arrested three people with 1,000 kyat denomination counterfeit notes worth 1 million kyat and genuine notes of similar denomination worth 100,000 kyat. They obtained the counterfeit notes in Myawady Township on Thai-Burma border, the journal reported.

Last Updated ( Monday, 18 July 2011 20:53 )  

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