BI downplays fears of fake banknotes<\/p>\n
JAKARTA (JP): Bank Indonesia said on Wednesday the amount of
\nfake rupiah banknotes in circulation during the past three years
\nwas relatively small compared to the total number of counterfeit
\nbills seized by the police.<\/p>\n
Bank Indonesia director for banknotes supervision H.Y.
\nSusmanto said the number of fake rupiah bills which were in
\ncirculation from 1997 to 1999 reached Rp 1 billion, or about 15
\npercent of the total counterfeit notes seized.<\/p>\n
\"We don't have the figure for early this year yet. But I think
\nthe ratio is small,\" he said at a news conference.<\/p>\n
Recent highly publicized police raids have stoked fears that
\nJakarta is becoming a center for the distribution of counterfeit
\nmoney.<\/p>\n
Police officers and customs officials in the capital and the
\nnearby town of Bogor reportedly confiscated counterfeit rupiah
\nbanknotes totaling Rp 5 billion last week.<\/p>\n
Susmanto downplayed the fears, focusing on the confirmed
\ncounterfeit bills in circulation being a tiny percentage of the
\ntotal money in circulation.<\/p>\n
He said the confiscated fake rupiah bills in circulation last
\nyear reached Rp 6.17 billion, equivalent to about 0.01 percent of
\nthe total Rp 50.4 trillion of banknotes in circulation.<\/p>\n
He said for 1998, the total fake bills in circulation reached
\n0.013 percent of the money in circulation, and for 1997 it was
\n0.016 percent.<\/p>\n
Susmanto explained that confiscated fake bills were divided
\ninto two categories, consisting of those seized directly by the
\npolice and those submitted by the public.<\/p>\n
He said the latter category denoted bills already in
\ncirculation.<\/p>\n
The central bank will strive to work harder with the police to
\ncombat the problem, he added.<\/p>\n
However, Bank Indonesia's focus will be on preventive
\nmeasures, including by improving the printing technology of the
\nbills.<\/p>\n
Susmanto said banknotes in Rp 50,000 and Rp 100,000
\ndenominations were difficult to counterfeit because of more
\nsophisticated printing technology.<\/p>\n
The police seized Rp 50,000 and Rp 20,000 counterfeit
\nbanknotes totaling some Rp 3 billion last week. Six men,
\nincluding an Army veteran, were detained.<\/p>\n
East Jakarta Police earlier apprehended nine men in possession
\nof fake Rp 50,000 bills amounting to Rp 100 million.<\/p>\n
Cisarua Police officers in Bogor also confiscated Rp 1.87
\nbillion in counterfeit Rp 50,000 notes at a house on Monday
\nmorning.<\/p>\n
Articles 244 and 551 of the Criminal Code stipulate a maximum
\nsentence of a 15-year jail term for people convicted of
\ncounterfeiting rupiah banknotes. (rei)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bi-downplays-fears-of-fake-banknotes-1447893297",
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"sponsor": "Okusi Associates",
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