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According to an article published in the IOL Daily News today, shops and the public should be on high alert for counterfeit R200 notes, the Consumer Goods Council of South Africa has warned.
The notes are believed to be produced in Lesotho. It is suspected that R1 million in bogus notes is in circulation.
The council has issued a statement via email that will assist in identifying differences between the genuine R200 note and the counterfeit version.
Michael Broughton, director of the Consumer Goods Council Prevention Programme, said banks would reject the notes.
"Retail stores lose revenue because people are spending money that is not real. Everyone should be wary of this and where they get their money from," he said.
Even though Thami Bolani, the National Consumer Forum chairman, was not aware of the counterfeit notes, he felt they could cripple the country's economy because it was "non-existing money".
"The consumer has much to lose in the event of a counterfeit note and it does no good to the economy because services and goods are bought with money that is not real," he said.
"If a person is given a R200 note they need to check if it is legitimate and genuine and who the source of the money is. As consumers, if we play that role we will ensure that circulation of fake currencies is minimised."
Reserve Bank assistant general manager Twala Mzimkhulu said: "From time to time, there have been attempts to counterfeit the South African currency and we do get forgeries.
"The SARB has also picked up counterfeit money through commercial banks.
"When we do come across information about such activities, we alert the banks."
For more information go to:
www.reservebank.co.za and click on the Know Your Money icon. |
