DPP legislators yesterday pointed out that a hole exists in the financial institutions' mechanism for controlling the circulation of counterfeit banknotes.
DPP legislators Chiu Tai-san (邱太三), Chien Chao-dung (簡肇棟) and Chiu Chuan-chin (邱創進) displayed banknotes that had been stamped with the seal indicating they are counterfeit but that are still in circulation to highlight the seriousness of the problem.
Chien said that according to the regulations, when a bank discovers a fake banknote, it must stamp it with the seal indicating it is invalid money and send it to the Central Bank of China for disposal.
But Chien pointed out that the bank has no real-time notification and monitoring system, so that it can only wait passively for notification from other financial institutions.
Moreover, he said that most banks often return counterfeit bank notes at the request of their patrons who want to keep them as souvenirs, Chien said, adding that this is the reason why invalid fake bills are circulating again in the market.
Legislator Chiu Chuan-chin cited the example of the Bank of Taiwan (台灣銀行), which he said has the most comprehensive system for recalling counterfeit bills, saying that the bank recalled counterfeit bills amounting to NT$35.7 million (US$1.02 million) in value last year, for an average of NT$180,000 in counterfeit bills recalled by each of its branches.
It is estimated that all the branches of the nation's financial institutions together receive a total of NT$1.1 billion in counterfeit banknotes each year, or 15 times the amount of counterfeit bills seized by police, Chiu said.
PROTECTIONISM: China hopes to help domestic chipmakers gain more market share while preparing local tech companies for the possibility of more US sanctions Beijing is stepping up pressure on Chinese companies to buy locally produced artificial intelligence (AI) chips instead of Nvidia Corp products, part of the nation’s effort to expand its semiconductor industry and counter US sanctions. Chinese regulators have been discouraging companies from purchasing Nvidia’s H20 chips, which are used to develop and run AI models, sources familiar with the matter said. The policy has taken the form of guidance rather than an outright ban, as Beijing wants to avoid handicapping its own AI start-ups and escalating tensions with the US, said the sources, who asked not to be identified because the
Taipei is today suspending its US$2.5 trillion stock market as Super Typhoon Krathon approaches Taiwan with strong winds and heavy rain. The nation is not conducting securities, currency or fixed-income trading, statements from its stock and currency exchanges said. Yesterday, schools and offices were closed in several cities and counties in southern and eastern Taiwan, including in the key industrial port city of Kaohsiung. Taiwan, which started canceling flights, ship sailings and some train services earlier this week, has wind and rain advisories in place for much of the island. It regularly experiences typhoons, and in July shut offices and schools as
FALLING BEHIND: Samsung shares have declined more than 20 percent this year, as the world’s largest chipmaker struggles in key markets and plays catch-up to rival SK Hynix Samsung Electronics Co is laying off workers in Southeast Asia, Australia and New Zealand as part of a plan to reduce its global headcount by thousands of jobs, sources familiar with the situation said. The layoffs could affect about 10 percent of its workforces in those markets, although the numbers for each subsidiary might vary, said one of the sources, who asked not to be named because the matter is private. Job cuts are planned for other overseas subsidiaries and could reach 10 percent in certain markets, the source said. The South Korean company has about 147,000 in staff overseas, more than half
Her white-gloved, waistcoated uniform impeccable, 22-year-old Hazuki Okuno boards a bullet train replica to rehearse the strict protocols behind the smooth operation of a Japanese institution turning 60 Tuesday. High-speed Shinkansen trains began running between Tokyo and Osaka on Oct. 1, 1964, heralding a new era for rail travel as Japan grew into an economic superpower after World War II. The service remains integral to the nation’s economy and way of life — so keeping it dazzlingly clean, punctual and accident-free is a serious job. At a 10-story, state-of-the-art staff training center, Okuno shouted from the window and signaled to imaginary colleagues, keeping
RSS