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Banks asked to set up booths in cattle markets to detect fake notes

  • Published at 09:36 pm July 31st, 2019
web-cattle-market-dhaka-Mehedi-Hasan-19.08.2018
Traders and customers busy bargaining at a cattle market in Dhaka on Sunday, August 19, 2018 Mehedi Hasan/Dhaka Tribune

The circular said the banks must coordinate with the branches of the central bank outside Dhaka to set up the booths

The Bangladesh Bank on Wednesday asked scheduled banks to set up booths in the cattle markets ahead of Eid-ul-Azha to detect fake or forged notes considering the huge cash transaction.

In a circular, the Bangladesh Bank asked the commercial banks to assign dedicated officers in this regard by August 8. 

The circular said the banks must coordinate with the branches of the central bank outside Dhaka to set up the booths.

In absence of any central bank branch, the banks were instructed to conduct the operation through Sonali Bank, the order said.

The central bank also said the banks would have to contact with the local authorities including city corporation, district offices, municipalities and the law enforcing agencies to ensure smooth transaction.

The bank booths must feature the identification marks of the fake notes of taka 100, taka 500, and taka 1000 denominations. 

According to BB rules, if any fake notes are found, people circulating such notes should be handed over to police.

However, if the bank finds that the people in question were unaware about such misconduct and presented the note in a good faith, the bank would take detailed information about them and deposit the fake notes to the police, the circular added.