MARGAO: Fake currency notes have been circulating around in Margao and with new technology paving new ways for counterfeiters to exploit opportunities in their favour. The discovery of Rs 500 fake currency notes has sparked concern among residents and businesses, raising alarms about financial security.
Authorities have been alerted to investigate the source of these counterfeit notes and to take necessary measures to prevent further circulation.
According to officials from several renowned banks in Margao, the incidence of deposits involving counterfeit notes has seen a noticeable increase in recent days. This troubling trend has prompted heightened vigilance among banking institutions and law enforcement agencies alike.
Bankers say that Rs 500 notes, consisting of two pieces joined together, are currently in circulation, predominantly observed in the retail and wholesale markets, including the wholesale fish market in Margao. This peculiar issue poses a challenge as it may only be detected when depositing these notes in banks. In the past, numerous traders involved in the wholesale fish business in Margao had red flagged the issue.
Despite these concerns being voiced, there was no established mechanism in place to effectively address or prevent the issue from recurring. As a result, the problem persists in the commercial city of Margao, posing ongoing challenges for businesses and individuals who handle cash transactions, particularly in markets where such counterfeit notes are prevalent.
“There is a need for enhanced vigilance, stricter enforcement measures, public awareness campaigns to combat counterfeit currency and safeguard financial integrity,” said Menino Dias, a citizen of Fatorda. He further emphasized that it has become increasingly challenging for the common man and small business owners to identify counterfeit currency notes. An official from one of the prominent banks in Margao has reported a recent surge in incidents involving counterfeit currency notes “With no other option, we had to return the notes to the customers who came to deposit them in the bank,” explained a bank official. The official further noted that it has been observed many times that customers themselves are uncertain about the origin of the fake notes they receive.
