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Thursday, 21 March 1968

Mr McMAHON - The House will know that control of the note issue is not in the hands of the Government. It is in the hands of the Reserve Bank of Australia. I was advised by the Bank some months ago that it was considered to be undesirable to compensate those who had taken forged notes of any denomination. This is consistent with world practice.

Mr Curtin - Why?

Mr McMAHON - If the honourable member will wait a moment, 1 shall give him the reason as it has been given to me. If compensation were granted, this would inevitably mean that there would be less incentive for people to discover forged notes and immediately to make the finding known to the authorities. The Reserve Bank itself was particularly pleased with the young woman who received one of the first discovered forged notes and who promptly made this fact known to officials. Her prompt action enabled them to detect quickly the source of the forgery and to take immediate remedial action. The Bank informed me at that time that by advertisement and other means it was showing the difference between the two kinds of notes - the forged note and the normal note. It is consistently advertising and doing all in its power to inform people and to help them to carry out detection processes. Already the Reserve Bank has rewarded the young woman and other people for action they have taken. It believes that this is the proper course of action to follow under these circumstances.

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