| By Kiana WilburgWhile 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.Commissioner General of GRA, Khurshid SattaurMr. 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,Dwight Howard Hawks Jersey, 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,Cheap NFL Jerseys China, 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.When this concern was posed to the Deputy Governor, he explained that the new note comes with several security measures that are of international standards.He pointed to one of the most internationally recognized marks of them all,Cheap Jerseys From China, which is the “Dual Track” feature.The dual track feature, he said, is a two-track thread with optically variable and metallic print properties that are very difficult to duplicate.Dr. Gobind Ganga, Deputy Governor,Bank of Guyana.Though it is not impossible for the new denomination to be forged, Dr. Ganga said that it is difficult for such a thing to happen.He explained that the $5000 note is printed by Oberthur Fiduciary of France and has the signatures of Mr. Lawrence Williams,NFL Jerseys From China, Governor of the Bank and Dr. Ashni Singh, Minister of Finance.The Oberthur Fiduciary is a French Bank note printer that has been in operation since 1840.Today, the company stands as one of Europe’s trusted printers whilst printing for 50 countries worldwide.Oberthur is very active in research and development and has property rights for a number of security features. One of these is the Dual Track thread which was a finalist in The Best New Currency Feature Award category at the 2013 Excellence Awards, hence the feature being incorporated into the new note to safeguard its integrity.He also stressed that the $5000 note is not in response to inflation nor will it cause inflation.The Deputy Governor also said that the new note will only lend to the efficiency of large transactions.He explained,NFL Jerseys Outlet, “The $1000 note will still maintain its important role in our system whilst the $5000 will help with large transactions and further enhance the financial system of Guyana. While it will serve to carry out this function, it also lends to the decrease in the volume of money that people will have to take around and reduce the space needed to store large sums of money.”At the recent launching of the note, Dr. Gobind noted that while moving to non cash settlement should be the goal, it is not something that would be achieved in the immediate future because of the cultural orientation and inadequate infrastructure.During his address,cheap nfl jerseys china, he asserted that the current highest note is the $1000 which was introduced in 1996 and currently accounts for about 60 percent of the number of notes in circulation and overThe $5000 note90 percent of their value.In light of this fact, the Deputy Governor highlighted that the higher denomination note is expected to decrease the demand for other notes which continues to increase, due to higher economic growth and increased income. |
