Counterfeit notes become a problem for businesses

Circulation of counterfeit MVR 500 notes has become a problem for many local businesses.

Owner of G. Coil Mart, Adam Naseer, told Sun Online that people have tried to pay at the shop with fake notes on several occasions.

“Recently a young man came with fake notes. The cashier did not realise they were fake. Another group came some days later, with a fake note. I told them we can’t accept that. They left in a hurry,” said Adam Naseer.

An official of central bank Maldives Monetary Authority (MMA) said that circulation of counterfeit notes has not been identified as a serious problem.

The counterfeit notes are printed on low-quality paper. The black security feature is printed, and the national emblem is absent. Also, the serial number which should be red, appears pink.