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The government has introduced a tough new law imposing up to seven years’ imprisonment for possessing, using, or trading counterfeit currency, in a move aimed at curbing the spread of fake notes and protecting the country’s financial stability.
Officials from the Financial Institutions Division (FID) under the Ministry of Finance said the legislation establishes strict penalties for a range of offences linked to counterfeit money.
Under the new framework, knowingly holding, circulating, or engaging in transactions involving forged banknotes will be treated as a serious criminal offence.
Punishment will depend on the scale and severity of the crime, including the volume of counterfeit notes involved, with offenders facing both prison terms and substantial fines.
Authorities believe the tougher legal provisions will serve as a strong deterrent against organised networks involved in producing, distributing and smuggling fake currency into the economy.
In addition to enforcement, the central bank and relevant agencies are expected to roll out public awareness campaigns to help citizens suspect genuine banknotes and encourage timely reporting of suspicious activities.
Officials said the combined approach of stricter penalties and increased public vigilance is expected to significantly reduce counterfeit currency circulation in the country.