Counterfeit 500,000 VND notes confiscated by police in An Giang province. (Photo: VNA)Hanoi (VNS/VNA) - With the Lunar New Year Festival (Tet) drawing nearand demand of cash increasing, Vietnam's central bank has sounded thealarm over counterfeit money.
The StateBank of Vietnam (SBV) has recommended banknotes used in cash-basedtransactions be thoroughly checked for counterfeits.
Accordingto experts, counterfeits can be detected by using a number of methods fromusing ultraviolet light to spotting minute differences to genuine notes.
Bankingexpert Nguyen Tri Hieu said counterfeits could be verified using thenaked eye when one knows where and what to look for, for example shadows andtext fonts on counterfeits when viewed from certain angles appear blurryand not as refined as in real notes.
Hieuadvised authorities in border towns and provinces to set up task forces toidentify counterfeits early. Citizens must also learn how to tell thedifference between counterfeits and genuine notes.
Othermethods, according to the SBV, include squeezing the notes or trying totear a corner, both based on the characteristics of the high-qualitypolymer used for genuine notes. Once let go, they should unfoldback into their original forms. It should also be very difficult to tearundamaged notes.
Counterfeitsare often made using nylon and a few simple stretch tests should be able toshow they don't possess the same elasticity of polymer notes.
Two circlepatterns that can be found at the top right and top left corners of notes withvalue from 50,000-500,000 VND should match each other perfectly when viewedunder strong light. Those of counterfeits will not form a perfectmatch.
Detailedguidelines with photo examples can be found at any commercial bank to helpcustomers verify the authenticity of their notes.
With Tet drawingnear, increased flow of counterfeit money is expected due to heightenedcommercial activities and strong demand for cash before the country's biggestholiday.
Starting fromOctober, adverts offering counterfeit notes could be found on popularsocial media sites with most sellers asking for a 1:10 rate - 100,000 VND for1,000,000 in counterfeits.
While most of thedeals often ended up being a scam, with sellers disappearing after takinga small amount in purchase-deposit, police have been ordered to keep a closewatch on online sellers.
Vietnam's Penal Codeforbids the use and transfer of counterfeit notes. Under Clause 180 of thecode, individuals found to have stored, moved or circulated fake noteswith total value up to 3 million VND can be jailed from 3-7 years.
Those found with 3-50 million VND face5-12 years in prison and 50 million VND and above 10-20 years with apossible life sentence./.
VNA
