Nepal Rastra Bank (NRB) has begun issuing fresh bank notes from 17 outlets in Kathmandu for the upcoming Dashain festival when crisp paper money is in great demand to give as gifts.
The central bank has set up counters at its currency management department at Thapathali and 16 branches of Rastriya Banijya Bank, Nepal Bank and Agricultural Development Bank to distribute the new bank notes.
“We will provide exchange facility for up to Rs27,000 per person in denominations of Rs5, Rs10, Rs20, Rs50 and Rs100,” said Narayan Poudel, spokesperson for NRB.
“We are planning to bring Rs40 billion worth of new notes into circulation to meet demand. There will be no shortage of fresh bank notes this year.”
Outside the Valley, fresh currency notes can be obtained from NRB’s branch offices. The central bank has also made available new notes to other banks and financial institutions (BFIs) to issue to their customers.
However, the BFIs are not so keen on distributing fresh bank notes as they would need to assign extra personnel and pay additional insurance charges.