The National Bank of Georgia approved a regulation on responding to the facts of the detection of counterfeit money in Georgia, as part of its effort to limit the spread of counterfeit currency.

 

The document instructs on how persons performing cash transactions should act when detecting counterfeit currency, how to ensure the immediate removal of counterfeit or suspicious currency from circulation and, by informing the authorities concerned in a timely manner, limit the spread of counterfeit currency in the country.

 

It is important to note that that detected counterfeit money is non-refundable and non-returnable.

 

The regulation applies to both national and foreign currencies, and the compliance is mandatory for representatives of the financial sector, as well as other persons who are engaged in trade, are product suppliers and other service personnel. It applies when paying in cash, changing, replacing, exchanging for another currency or checking. The above persons are obliged to make sure that only those who have the knowledge of the security features of money are admitted to the operations of receiving and issuing cash. They should also make sure the staff concerned is trained regularly.

 

Whenever the representatives of the financial sector detect a counterfeit or suspicious money, they are obliged to confiscate, without any compensation, the currency whose authenticity and suitability for payment cannot be determined on the spot or there is a suspicion of its forgery, for the purpose of further examination.

 

Also, three copies of the report should be made, one of which, together with the identified suspicious cash should be sent to the NBG for further examination and response no later than 5 working days after detection. The second copy should be given to the bearer, and the third copy should be stored.

 

Whenever any other person providing any service detects counterfeit or suspicious cash, they are obliged to explain to the bearer during the settlement process that the cash may be counterfeit. Then, in order to respond appropriately, they call a representative of the law enforcement agency through the Public Safety Management Center 112, who, in turn, will respond in accordance with the applicable legislation.