In a major move to curb the circulation of counterfeit money, the government has enacted a new law under which individuals found in possession of fake currency notes will face a maximum penalty of 7 years in prison.
The strict legislative measure aims to safeguard the stability of the country’s financial system and protect citizens from the growing menace of counterfeit notes.
According to banking wing officials of the Financial Institution Division (FID), Ministry of Finance the law mandates rigorous penalties for various offenses related to counterfeit currency. Under the newly formulated legal framework, intentionally keeping, using, or dealing in forged or fake bank notes will be treated as a severe criminal offense.
Depending on the gravity of the crime and the volume of counterfeit notes seized, offenders can be sentenced to a maximum of 7 years of imprisonment, alongside hefty financial penalties.
Law enforcement agencies and financial analysts believe the implementation of this strict statute will act as a major deterrent against syndicate groups involved in printing, distributing, and smuggling fake notes into the economy.
The central bank and relevant authorities are also expected to launch widespread awareness campaigns to help the public identify original banknotes and report any suspicious activities to law enforcement authorities immediately.
