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The public and businesspeople should be aware of rising counterfeit bank notes following a series of arrests and seizure of millions of counterfeit 10,000/-, 5,000/- and 100 US dollar banknotes across the country.
The warning was sounded here recently with the government, further notifying the public that whoever would be caught in the scam would face stiff penalty especially civil servants who might be behind the illicit trade.
Shedding light on the illegal business, Finance and Planning Minister Dr Phillip Mpango said that counterfeit production and supply of currencies take the country's economic strides backward, adding that the government would not have mercy on anyone, who would be caught in the scam.
"This is more than economic sabotage. This country is administered by laws and regulations but in my opinion, I would suggest a more ' extreme penalty' to serve as a lesson," Dr Mpango said.
Expounding, he warned the general public to be cautious with money they receive either as gift(s) or payment of goods or service.
Dr Mpango hinted that the emerging suppliers of the counterfeit banknotes are some mobile phone banking agents, adding that the Central B ank has so far managed to clean-up such deceits within the Commercial B anks.
On his part, the Bank of Tanzania (B oT) governor, Prof Florens Luoga confirmed that cases of fake banknotes are increasing at an alarm rate, and that the Central B ank is holding public awareness campaign to inform them on genuine currency feature banknotes.
He said that counterfeit money normally damage a country's emerging economic growth. B oT introduced a new series of banknotes in January 2011 with the denominations of 500/-, 1000/-, 2000/-, 5000 and 10,000/-.
Experts say immediate effects of counterfeit money on economy is that it fuels inflation and lowers the value of the country's currency.
Recently, authorities in Dar es Salaam seized various fake notes valued at 500m/- that was after a raid on a local manufacturer and an agent in Hai District by the area District Commissioner Mr Lengai ole Sabaya.
The suspect was alleged to have imported 60m/- fake notes in the district alone, besides another 11m/- in a business, where he sells every 1m/- fake notes and gets 200,000/- or 300,000/- genuine currency in return.
