Friday, December 26, 2014

Dealing with Fake Currency in Saudi Arabia

Fake currency is like a termite for any economy. Saudi Arabia just like any other country has strong controls over prevention and detection of fake currency. However, due to human limitations still we hear in news every now and then when some gang is caught by the Saudi police dealing with fake currency. Every country has a right to protect its economy due to which heavy fines and penalties are imposed upon the people who are caught dealing with fake currency in Saudi Arabia. Even after imposing controls over prevention and detection of fake currency in Saudi Arabia, the existence of fake currency cannot be ruled out.

It is very difficult to say how much fake currency is in the circulation in Saudi Arabia but yes it is there. Anti-forgery regulations state the anyone found guilty of making and circulating fake Saudi riyals would be liable for a jail sentence from 5 to 25 years and would be fined between SR 30,000/- to SR 500,000/-. Anyone found in possession of counterfeit currency or forgery machines would be liable for a similar punishment. The Saudi Penal Code states that “Any person found to have counterfeited or duplicated currencies formally in circulation in Saudi Arabia or abroad, or to have brought into Saudi Arabia counterfeit or duplicate currencies, or found to be dealing in or circulating counterfeit or duplicate currencies by any means or method, or if any such person has made, owned or possessed in bad faith all or some counterfeit machines, materials or tools, such a person shall be subject to imprisonment for a term not less than five years nor more than twenty five years and a fine not less than thirty thousand Saudi Riyals nor more than five hundred thousand Saudi Riyals.”

So how can we differentiate the genuine currency note with the fake currency note? Obviously you are not an expert but still you should know about some basics and signs of genuine currency note. Saudi Arabia Monetary Authority has published the following security features of each type of currency notes. We are republishing the security features of all the currency notes in Saudi Arabia. You can click on the below images to zoom them and read about it. It is good to know about the basics of currency notes. If you are caught having even single fake currency note, you will be arrested by the police and have to go through heavy scrutiny and investigation.

What should I do when someone gives me a suspicious banknote?
You should not take the currency note if you are sure that it is fake. In fact, you should contact the police station near to you and report about the person who tried to pass it to you. If you are not sure, you may ask this person to replace the banknote by another one.

What should I do if I find out that I have a counterfeit banknote?
If you are sure about the person who handed it over to you, you need to contact nearest police station and report against the person who passed it over to you. However, if you are not sure about the person who passed it to you, you still need to contact nearest police station or SAMA branch to handover the fake currency note to them. You will also have to answer the questions of the officers.


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