The central bank has more than doubled the reward for information leading to the arrest of counterfeiters as it stepped up efforts to educate the public about the problem as more and more fraudulent bills find their way into circulation.
The Central Bank of China last week raised its award to a maximum of NT$1.5 million, up from the NT$600,000 at present, for information on counterfeiters who mainly, but not only, copy NT$1,000 bills.
Central bank Governor Perng Fai-nan (
On Saturday, Taipei City Councilor Pang Chien-kuo (龐建國) said at a press conference that at least 60 bogus bills are being passed at the Huannan market each day, causing vendors losses of NT$8 million (US$231,884) in the first half of this year.
Some businesspeople reportedly keep quiet about fake cash, preferring to pass it on to customers rather than inform police, who confiscate the banknotes and list them as suspects, Pang said.
But Perng urged vendors at the market to report fake currency to police.
"You must carefully examine the bills when you receive them. If you find a fake banknote, you should report it to police," he said.
The central bank has also asked the Ministry of Justice to increase the penalties for those convicted of counterfeiting. The penalty for counterfeiting currency ranges from five years to life in jail, and from three to 10 years for those who knowingly circulate fake currency.
Perng's walkabout yesterday was the first part in a campaign against counterfeiting that will attempt to educate the public through TV commercials and radio and newspaper ads on how to avoid being duped.
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