Bangladesh Bank (BB) has instructed all scheduled banks to establish counterfeit currency verification booths at authorized sacrificial animal markets across the country ahead of Eid-ul-Azha in a move aimed at preventing the circulation of forged banknotes during the peak festive trading season.

The directive was issued today through a circular, outlining a comprehensive operational framework for banks to facilitate secure financial transactions at cattle markets nationwide.

According to the circular, the verification booths must remain operational continuously from the opening of the cattle markets until the night before Eid-ul-Azha. Banks have been strictly instructed to provide note verification and cash-counting services free of charge to traders and buyers.

The central bank directed banks to equip the booths with modern note-counting and counterfeit detection machines while ensuring that experienced cash officers capable of identifying forged notes are stationed at every booth.

Each booth must prominently display banners identifying it as a “Fake Note Verification Booth” to ensure visibility and public awareness.

To ensure effective implementation, Bangladesh Bank instructed every scheduled bank to appoint a Deputy General Manager-level official as coordinator for the operation.

In districts where the central bank does not maintain branches, Sonali Bank PLC has been assigned to lead the initiative through its chest branches in coordination with other scheduled banks.

The circular further instructed banks to provide appropriate allowances and financial benefits to employees assigned to the verification booths in recognition of the additional responsibilities during the Eid period.

Banks have also been directed to maintain close coordination with City Corporations, Municipalities, and Upazila administrations, while ensuring security support through cooperation with law enforcement agencies including the Police, Rapid Action Battalion, Border Guard Bangladesh, and Ansar.

The central bank reiterated that officials must strictly follow existing counterfeit note management policies when forged currency is detected.

Under the prescribed protocol, suspected counterfeit notes must be immediately seized and the presenter’s full identity, including local and permanent addresses, must be recorded.

Officials are also required to collect a statement regarding the source of the note and obtain the presenter’s signature or thumb impression on the reverse side of the impounded currency.

The seized note must then be marked “Forged” or “Fake” in red ink. If bank officials suspect that the note was knowingly presented in bad faith, the matter must be referred to the police for further investigation.

As part of a broader public awareness campaign, all bank branches have been instructed to display videos demonstrating the security features of genuine banknotes on branch monitors throughout banking hours ahead of Eid-ul-Azha.

Banks will also be required to submit detailed reports on the activities and outcomes of the verification booths to the Department of Currency Management within 30 working days after the completion of Eid operations.

Bangladesh Bank has also assigned specific banks to manage verification booths at major cattle markets in the capital.

At Gabtoli Permanent Cattle Market, responsibilities have been assigned to Islami Bank Bangladesh PLC and Simanto Bank PLC, while Sarulia Bazar will be managed by the Premier Bank PLC and Uttara Bank PLC.

Verification operations at Uttara Diabari Sector 16 and 18 areas will be conducted by BRAC Bank PLC and Bangladesh Commerce Bank.

United Commercial Bank PLC has been assigned to the Merul Badda Kachabazar area, while IFIC Bank PLC and Meghna Bank PLC will oversee operations near the Dhaka Polytechnic Institute area.

Jamuna Bank PLC has been assigned to the Shyampur Kadamtali Truck Stand area, while Mercantile Bank PLC will operate at the Golapbagh Math Outfall Staff Quarter area.

The central bank’s initiative reflects a broader effort to protect cattle traders, farmers, and consumers from financial fraud during one of the country’s busiest seasonal trading periods.

By ensuring accessible verification services and strengthening coordination among banks, local administrations, and law enforcement agencies, Bangladesh Bank aims to enhance confidence and transparency in the Eid-ul-Azha livestock market economy.