| Stem proliferation of fake notes | Send to a friend |
| Thursday, 02 September 2010 23:07 |
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Like the impact of inflation to the economy, fake notes also affect the value of money. This is because, with more fake notes in circulation, the purchasing power of the currency also diminishes. Perpetrating this scenario amounts to economic sabotage, which is a criminal offence. As most circulated fake currencies include banknotes of Sh1,000, 2,000, 5,000 and 10,000 denominations, the common people are the most affected since they can easily fall into the trap of exchanging their genuine bank notes with fake ones. But only prosecuting those found possessing fake currencies will not solve the whole problem. We think a more effective way is to educate members of the public on how to detect such currencies should they come across them. Relevant authorities should also introduce stringent laws against fake currencies and plug loopholes that allow culprits to easily produce and circulate them. We think the law should, for example, prohibit individuals from importing or exporting currencies as they wish. Instead, the task should be left to financial institutions. In addition, from time to time law enforcers should make crackdowns on syndicates involved in the production and circulation of fake notes. Those netted in the process should be taken to law courts promptly and those found guilty should be punished without further ado. Add this page to your favorite Social Bookmarking websites           |
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