Due to a series of arrests this month for using counterfeit bills, the retailers are refusing to accept 10,000- kyat notes. As the amounts have been usually small, fake bills were easy to spot. After trying to use fake 10,000 kyat notes a couple from Singapore was arrested in Yangon last month which was used as the entrance fee for foreigners at Shwedagon Pagoda. The notes they received was from a money changer in Singapore. Later upon the couple’s claim, 18 money changers in the island state were raided with more counterfeited money.
A Myanmar woman was arrested with $ 1,000 worth of fake 10,000 Kyat notes in Bago region. She has been charged under Article 105 of the Central Bank of Myanmar Law for using fake currency and up to 3 years in jail if convicted. On social media, photos are spreading asking the customers to not pay with 10,000 Kyat notes. In the state-run newspapers, Central Bank issued a notice explaining how to identify fake notes, on December 14. To ask the Central Bank officials about the counterfeit notes and its recent controversial purchase of $ 30 million from local private banks a hearing was held with the Public Accounts Committee of the Union Parliament’s Upper House.
The Central Bank officials were urged by the Committee Chairman U Saw Than Htut to help secure bail for the people recently arrested for holding fake bills. The President’s Office Spokesman U Zaw Htay said the government will take action against anyone printing fake notes or knowingly distributing them at a press conference in Naypyitaw on Friday. But anyone using counterfeit cash unknowingly will not be punished.