By The Nation
Published on December 23, 2008
Vendors prefer other notes amid increase in fakes
Counterfeit Bt1,000 bills concern rises
Vendors prefer other notes amid increase in fakes
Due to rampant forgery, Bt1,000 banknotes have literally lost their shine among small-scale vendors.
"I do my best to avoid accepting Bt1,000 banknotes in payment," says Suwut Kerdchai, a grocer in Chon Buri.
His common excuse is that he does not have enough money for change.
"I now request Bt100 banknotes or smaller denominations from my customers," Suwut admits, "I can't risk ruining my business. Grocery does not give much profit. If you get a fake banknote and have to give the change to the fake-banknote users too, that's too bad."
Recently, police reported finding fake banknotes being circulated near Suwut's hometown and many other areas.
"I am so worried. The fake ones look so similar to the authentic banknotes," Sopo Chaikul, a seafood-seller, laments.
She urges relevant authorities to crack down on the counterfeiting.
In Khon Kaen, the Bang Lamphu Market has found fake Bt100 and Bt1,000 banknotes on a daily basis. The market manager, Paspadorn Niampradit, now advises sellers about how to identify the fake money.
"We have urged the sellers to examine the banknotes before letting their customers take their goods away," Paspadorn said yesterday.
Somchai Setkornnukool, a senior director at the Bank of Thailand's Northeast Branch, explained that people would be able to distinguish fake from authentic banknotes based on proper guidelines.
"Feel the word 'Thai Government' [which is printed in Thai] and you will find it is embossed on the banknote if it is authentic," Somchai said.
He added that when the banknote was held against the light, a watermark of His Majesty the King's portrait would become clearly visible.
"Moreover, if you notice, you will see small translucent numerals and letters indicating the value of the banknotes on the metallic colour thread too," Somchai said.
When tilted, the numerals showing the values of each Bt500 and Bt1000 banknotes also change their colour when viewed at different angles.
Somchai said people should not panic about reports that fake banknotes were in the market.
"Counterfeiting has existed since the time banknotes were first introduced," he said. "And we have been trying to crack down on counterfeiting all along. If you have any useful information, please let us know and you will get some reward," he said.
Printers of fake banknotes are liable to life imprisonment. Deliberately using the fake banknotes, meanwhile, is punishable by a jail term ranging from one to 15 years.
But self-protective vendors will risk being punished too if they reject a Bt1,000 banknote without verifying whether it is real or fake.
"Banknotes are legal tender for all debts, public and private. If you are not allowed to use your banknotes, you can lodge a complaint with the police," Deputy Metropolitan Police Commissioner Maj-General Amnuay Nimmano said.
Meanwhile, Thai Bankers' Association secretary-general Thawatchai Yongkittikhun revealed that bank customers now asked for Bt500, Bt100, and Bt20 banknotes much more than usual.
"If such trend continues, we may have a shortage in smaller denominations," he said.
Thawatchai called on the authorities to urgently educate people about how to distinguish fake from authentic banknotes.
"People should stay calm. Any panic may upset the economy," he said. "Although the number of fake banknotes is higher now, the increase is not at a worrying level".
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