Circulating raggedy two taka notes
Shahnaz Parveen
Around 600 million pieces of worn out and dirty two-taka notes circulating in the market have become a major cause of public nuisance and suffering. Some of these notes are so worn out that they have lost all the identification marks and original features. It has become impossible to identify the original from the counterfeit. Some others shredded into pieces have been so widely taped to keep it in one piece that they have become a lump of paper and thin plastic hardly resembling money. It has become a cause of quarrels in the streets of Dhaka and elsewhere in the country. Abbasuddin, a rickshaw puller engaged in a scuffle with a grocer in his neighbourhood in Mirpur. The grocer refused a two-taka bill and demanded a better one. Abbasudding explains, "Usually people refuse to take worn out money. In the case of two taka, no one is refusing to accept because this is what we all have right now." "With all the scotch tapes needed to keep it together the two-taka notes are worth Tk 3," said another customer amusingly. "They are so dirty and lumpy that it has become difficult to carry them in the money bag or pocket", he added. Farhana Afrin a customer in New Market area said, "Every time I have to use Tk 2 notes I feel like washing my hands" These notes are posing severe health hazards to its users. With the exchange of currency various germs are transmitting. A high official from the Bangladesh Bank (BB) who did not want to be named told Star City that around a year ago the bank decided not to print two-taka bills anymore. He explained, "In our every day life when we deal with kitchen markets, grocers, bus or rickshaw fare, smaller or less valuable notes have more market demand. They exchange hands more than the bigger notes. This is why they decay faster." "It was decided that more coins would be circulated because they have prolonged durability while Tk 2 notes has around 2 years longevity. The crisis began when we could not manage to produce the coins in time because of delay in the tender process", the official said. "Another reason is that people have a habit of collecting coins. This has become a major problem and created pressure on the paper bill so we changed our decision all over again", he added. During last Eid BB circulated 61 million pieces of newly printed Tk 2 notes. "But they have also decayed faster because of the scarcity of decent notes it created pressure on them too." Old notes for new ones, it is a common business in Gulistan and Nababpur intersection. The businessmen usually offer a deal of Tk 95 in exchange of Tk 100 worth two-taka bill. Later they exchange the money from BB. One of the businessmen from Gulistan said that it is a loss for them to accept Tk 2 notes these days because they cannot exchange them from BB. BB has a desk to change worn out notes. People cannot change two taka notes even from the bank, as there are no new notes. The central bank has over 30 million pieces of worn out Tk 2 notes, which the bank will destroy. Every year the central bank destroys 30 per cent currency of the total circulation. The government in January has given the approval of printing and procuring notes and coins of Tk 2 to BB. "We have asked all the banks to gradually withdraw the Tk 2 notes from the market. Fifty million pieces of new Tk 2 notes will be circulated within two months", the official said. Around 50 percent of the country's total transaction takes place in Dhaka city he mentioned.
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