Plans afoot to arrest counterfeiters as govt know source of fake notes, says Zaw Htay

Plans afoot to arrest counterfeiters as govt know source of fake notes, says Zaw Htay
Published 22 December 2018
Nay Yaing, Zeyar Tun and Aung Min Thein

Authorities are trying to expose and arrest counterfeiters as they know where fake K10,000 notes come from and which numbers are fake, said President's Office spokesperson Zaw Htay.

"We know where those fake notes come from and which numbers are fake. Now, we are planning to expose and arrest money counterfeiters," he said.

Action will be taken against intentional users of fake money if they know the notes they carry are counterfeit, but there will be no action against users if they have no knowledge of carrying fake notes.

"If a person uses or distributes fake notes intentionally, he will be guilty. But we will not take action against those who carry fake notes that they got in trading or doing business without knowing they are fake," said the spokesperson.

The Central Bank Law does not carry a provision that fake notes will be exchanged for real ones for those affected. However, the government is discussing with the Central Bank for that issue, he added.

"Actually, we will take action against money counterfeiters and those circulating fake notes. For those who made losses due to counterfeit notes, we are discussing with the Central Bank what we can do for them in accord with the law.

Regarding the discovery of fake K10,000 notes in the hands of a Singaporean couple visiting Myanmar and another Myanmar woman returning to homeland after working in that country, Zay Htay said the government has got the information about who exported fakes notes to Singapore.

"Authorities from Singapore and Myanmar are coordinating in confirming who took fake money to Singapore. Their side sent information to Myanmar. Now we are in process of scrutiny," said Zaw Htay.