New polymer 10 Taka note: will not get mutilated, neither it can be forged
 

By Hassan Shariar

13.12.00

To overcome the difficulty and hassle with the use of paper note, following many other countries, Bangladesh is issuing polymer notes for the first time. Firstly, with the issue of 10 Taka note, the experience and acceptability would be appraised. Tomorrow, Thursday, on the occasion of the Martyred Intellectuals Day, this note is being released.

Initially, Bangladesh Bank and different commercial banks would issue 50 million notes. The notes getting dirty and wet at the fish and vegetable markets would no more be a concern or a problem, just rinsing in plain water would make the note fresh and clean. But more importantly, forging these notes is extremely difficult and expensive. This light reddish color notes have the portrait of the Father of the Nation and the Baitul Mukkarum National Mosque on the front, the national bird, "Doel", has also got a place here. On the other side of the note are the National Parliament, National Martyred Memorial and a picture of a satellite earth station. These notes also have a window. "One of the main characteristics of a polymer note is that it is long-lasting and cannot be torn easily," commented Dr Farashuddin, the Governor of Bangladesh Bank, and he further stated "the ongoing technological advent in world has also brought about a change in currency note technology—this was not left out; polymer note remains cleaner and also lasts for a much longer period." But these notes would be damaged and tear-off if a hole is made, therefore Bangladesh Bank and commercial banks cash processors and users should remember that these notes cannot be stapled or bundled making holes; they should be strapped. "We have started our advance with 10 Taka note and gradually we will print all the notes in polymer," said Dr Farashuddin.

Note Printing Australia, owned by the Reserve Bank of Australia, has printed these notes. The polymer has been supplied by UCB Films, a Belgium-based company. "Initially, we have printed the notes, in future the technology would be transferred to Bangladesh," stated the NPA Chief Executive, John Leckenby, in Melbourne last week. "Considering the security of bank notes, polymer notes are much more secure and acceptable than paper notes, though initially the cost is higher, but considering the longevity of the notes this is much more profitable at the end."

Dr Farashuddin said that getting just one new machine would make it possible to print the polymer notes in Bangladesh. This machine would cost approximately 7 million dollars. Some employees of Bangladesh Bank have already completed training in Australia. One of them stated: "We now print notes every 3 months, we will then print every 9 months."

The benefit of two decades of research has enabled Australia to release the first $10 note in 1988, and by 1996 enabled it to issue notes of 5, 10, 20, 50 and 100 dollars. Singapore considered the polymer in 1990 and, among others, Western Samoa, Papua New Guinea, Kuwait, Indonesia, Brunei, Thailand, Sri Lanka, Malaysia, New Zealand, Taiwan, Romania, North Ireland and Brazil have issued polymer notes. Last week, with the issue of a new note, China has also chosen the polymer technology. The head of Note Issue Department of the Reserve Bank of Australia, Les Coventry, Senior Managers, John C Taylor, and Peter Carlin, and Manager of Research & Development, Elane Carosyn, stated in Sydney that their experience with the issue and use of polymer notes is very satisfactory. Previously, a lot of mutilated notes used to come back, but now this has been reduced significantly. They also stated that the last year polymer counterfeit notes have been seen for the first time, but the counterfeit notes were easily identifiable, but more importantly, they could not reproduce the security features of the notes. They stated that counterfeiting polymer notes becomes so expensive that it does not turn out to be an interesting venture.