BoN cautions against fake banknotes

17 Jan 2017 17:40pm
WINDHOEK, 17 JAN (NAMPA) – The Bank of Namibia (BoN) has urged people to thoroughly inspect the authenticity of banknotes before accepting it.
The advice follows a video circulating on social media of three men caught by police while forging N.dollars 100 and 200 banknotes.
The BoN said in a statement issued Tuesday the counterfeit notes are of poor quality and none of the security features which appear on the Namibian banknotes have been reproduced.
In the video clip, the three men are seen being questioned by police officers (off camera) about their activities. A wad of banknotes, presumably fake notes, are seen scattered on the floor of the shack in the Oshitenda area of the Ombili residential area as well as a basic photo copy machine.
A tip-off from the public led the police to the suspects. They were arrested last Wednesday and appeared in court on Thursday.
The suspects were charged with contravening Section 25 of the BoN Act read together with the Prevention of Counterfeit Currency Act (16) of 1965.
The Namibian Police Force confirmed the authenticity of the video.
The statement said the value of the counterfeit money is N.dollars 28 100, of which N.dollars 5 000 was half printed.
“Only three genuine banknotes were discovered at the scene with a total value of N.dollars 500,” it said.
All the counterfeit banknotes were confiscated by the police.
The bank reminded the public to follow the three basic steps in checking the security features on banknotes: The first step is to look at the overall colours, the portraits and the serial numbers and to lift the banknotes up to light and inspect the see-through features and watermarks.
The second step is to tilt and flip the banknotes to check for colour-changing, dynamic features, and for glossy prints, and check the multi-coloured security thread on the reverse side and thirdly, to run their fingers over the unique raised prints on both sides of the banknotes, especially on the words ‘Bank of Namibia’ and main portraits and the Braille dots for visually impaired people.