Innovative Banknote Checking Scheme by Bank of England

07 May 2018  Mon

Bank of England has introduced a Banknote Checking Scheme to tackle counterfeiting by strengthening relationships between businessmen and the Central bank. Officials revealed that cash still is the primary means of payment in UK, and that it’s important for the economy as well as retailers. However, they also said that counterfeiters will keep circulating fake money among retailers which leads to direct loss.

The new Scheme promotes banknote checking using targeted training. It also creates awareness about Corporate Social responsibility towards reducing counterfeit levels. The scheme has already been implemented by several big businesses and retailers.

The Scheme has been set up certain principles. The Staff would be trained to check banknotes at Point of Sale and to know what to do with counterfeit banknotes. Information about fake notes would be shared with the Bank of England Those who join the scheme would also have to promote it and support law enforcement activities. A single point of contact would be assigned for the Scheme. Businesses can sign up for the free service if they abide by the above-mentioned principles.

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