Melbourne-based Manmohan Singh Saxena was left baffled at the airport when he was told that one of his $50 notes was fake.
He was returning from a trip to India when the incident occurred in the month of April.
Mr Saxena who has a background in finance, told SBS Punjabi that he had withdrawn the money from an ATM of his local Westpac bank before leaving the country.
Melbourne resident Manmohan Singh Saxena, sharing his experience with SBS Punjabi Source: SBS Punjabi
"When I returned to Melbourne, I tried paying $200 cash at the duty-free store check-out, but was completely taken aback when the lady told me that notes didn't seem right.”- Manmohan Singh Saxena
Australia may have one of the lowest rates of counterfeiting in the world (18 in a million), but it has witnessed a significant spike over the past few years.
An estimated 25,000 fake notes with a nominal face value of almost $1.5 million were detected in circulation in 2017.
A spokesperson for the Reserve Bank of Australia (RBA) told SBS Punjabi that the Bank has an ongoing commitment to ensure that such activities are curtailed.
“The Reserve Bank of Australia works closely with the police to ensure that counterfeiting activity is monitored and investigated. Information about counterfeits detected is regularly published on the Reserve Bank’s website.” - RBA
According to the RBA the $50 note is by far the most counterfeited denomination as it is comparatively readily accepted and offers a high profit for the counterfeiter.
The RBA advises that anyone suspecting the authenticity of a banknote must report it to local or federal police and surrender the suspected notes.
A fake $50 note Source: SBS Punjabi
“If the banknote proves to be genuine, full value will be paid. However, no value is paid for counterfeits. Counterfeiting is a crime under the Crimes (Currency) Act 1981 and there are penalties for knowingly passing on a counterfeit.”
Those convicted of printing fake notes can face 14 years imprisonment while of fake currency can result in a maximum penalty of 10 years.
While the central bank claims the Australian currency is the “most secure” in the world, it does advise that people should be aware of security features and check banknotes before accepting them.
The Reserve Bank has set-up a special on its website to inform people on how to spot a fake banknote.
