Tax chief worries about $5000 note being counterfeited

Tax chief worries about $5000 note being counterfeited

NOVEMBER 21, 2013 | BY  | By Kiana Wilburg
GRA's Khurshid Sattaur

GRA’s Khurshid Sattaur

While the Commissioner General of the Guyana Revenue Authority (GRA), Khurshid Sattaur, fully supports the recently launched $5000 note, he expressed some concern over the possibility of the new denomination being forged.

Mr. Sattaur said that when the note goes into circulation on December 9, it will make their processing system a bit lighter and easier especially as it relates to the amount of money they have to count and take to the bank.

The Commissioner General added that the new denomination will only serve to improve Guyana’s economy and will certainly assist the Bank of Guyana in responding to the increase in the number of transactions being done as Guyana prepares to welcome the Christmas season.   

However, Mr. Sattaur did note that GRA has to deal with numerous counterfeits of the $1000 on a daily basis. This poses a lot of difficulties for the Authority he oversees. It was against this backdrop, that he then disclosed his concern about the $5000 note being counterfeited thereby creating additional problems for his sector.

The Commissioner General however noted that the Deputy Governor of the Bank of Guyana, Dr. Gobind Ganga, has assured him that the note is very secure with many latent security features making it difficult for counterfeiting to go undetected.  [more]

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Comments

  • de castro compton  On 11/23/2013 at 2:33 pm

    Guyana seems to make two steps backwards every step forward.
    Very few countries today use money for every day purchases
    Most use plastic cards both nationally/internationally.
    I seldom use money except when shopping in local market
    for fresh fruit/vegetable….as for shopping on-line cash is obsolete.
    The reason why Guyanese prefer cash is their distrust of both the
    national and international banks operating in the country.
    The most despised today in developed world are bankers and politicians.

    The public trust neither….hidden agendas…
    Bankers for profiteering
    Politicians for promising and not delivering.

    The highest denomination in pounds is 100 units
    The highest denomination in Euros is 100 units
    Not sure on USD but could be 200 or 500 units.

    Guyana s dollar will soon be “toilet paper” in same league as zimbawbee
    dollar…unless they sign up to the “anti money laundering” league of
    nations….

    Sad state of affairs …point my fingers at the 65 elected representatives
    voted into office by electorate….it is time to change…sooner better !
    Vote them out.

    Kamptan

  • '  On 11/24/2013 at 11:33 am

    The pervious comments hit it on the head of idiotic and backward thinking in an information and technological age. Guyana, described as “a cesspool”, by GHK Lall , in A National Cesspool of Greed, Duplicity & Corruption amplifies the conundrum of byzantine stupidity in leadership positions.

    This latest action by Dr. Gobind Ganga and Khurshid Sattar begs the question of their educational background and knowledge of international finance and in particular banking. Neither party exemplified actions based on historical lessons or true understanding of macro economic implications. Maybe a lesson can be leant from the fascination with questionable and “cracker jack box philosophy doctorates” from fourth ranked schools.

    The latest example is Dr. Herbert George Elliott, chairman of the anti doping commission, who claimed to have attended Columbia University and earned a medical degree from Universite Libre de Bruxelles- nether institution was able to verify his attendance or graduation.

  • de castro compton  On 11/24/2013 at 3:15 pm

    Absolutely hilarious laughter…not at the above writer for its insightful analysis/comment….but in appreciation of exactness of the critique…
    I applaud your comments above and hope you continue in your masterful
    Expose….is your name Snowden …I wonder !
    I just love the unanamousity of the internet….freedom !
    Kamptan

  • de castro compton  On 11/24/2013 at 11:15 pm

    The pen is indeed mightier than the sword…..fence on….saber rattling the propaganda machine used to stir the imagination…..by the political class.

    Kamptan

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