SUNBIZ

Security Features On Our Banknotes

While counterfeiting is minimal in Fiji we have recently seen a spate of counterfeit notes being used for transactions. In general, we have found the counterfeits passed in Fiji are
09 Jul 2016 08:14
Security Features On Our Banknotes

While counterfeiting is minimal in Fiji we have recently seen a spate of counterfeit notes being used for transactions.

In general, we have found the counterfeits passed in Fiji are usually of poor quality and can be spotted quite easily if people take the time for a quick examination.

Our appeal to the public is to at least check the main security features such as the watermark (iTaukei man), security thread and other foil features on paper notes when receiving them.

These basic security features are easily identifiable within a few seconds for those well versed in the notes’ security features and who know what to look for.

For businesses that have ultra violet light sources, the notes will also emit special fluorescent features when placed against such light sources.  This is a powerful recognition tool in low light conditions.

These security features will be missing on counterfeit notes. For cashiers who handle notes on a daily basis, “feel” of the note also becomes an important ally as the quality of the counterfeit paper is usually very different from that of real notes.

But often, as with supermarket checkout cashiers, roadside sellers,  nightclub operators and other cash recipients who go through busy periods, they unfortunately do not make the necessary checks until later.

This is when they have a bit of time and are counting up the day or night’s takings.  It is at these times that they spot the counterfeits, which does indicate they know what to look for but just missed it the first time around.

Any counterfeit note found should be immediately forwarded to the police for investigation.

The act of counterfeiting or being in possession of counterfeit notes is a serious offence and anyone caught will be prosecuted.

Under the Crimes Decree, section 164, anyone found guilty of producing counterfeit notes can face a maximum life imprisonment and anyone found using a counterfeit banknote can face up to 5 years imprisonment.

 

Some advice

Members of the public who may have damaged banknotes can have these assessed and exchanged for new ones by the RBF Tellers located in the Reserve Bank in Pratt Street, Suva.

For those out of Suva or overseas, they can also have their damaged banknotes  exchanged for new ones and value paid to them by sending the damaged banknotes currency to the RBF using a Damaged/Mutilated/Old Design Banknote Claim Form which can be downloaded from the RBF website www.rbf.gov.fj.

This is a fortnightly feature contributed by the Reserve Bank of Fiji with the aim of making our readers more aware about what the RBF does and its role in the various sectors. Please let us know if you have any questions/queries for the RBF by sending us an email: sunbiz@fijisun.com.fj

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