Saturday, September 2, 2017

Central bank to exchange new banknotes from next week

The central bank will exchange the old bank notes with the new ones for Dashain festival from September 13.
According to the Nepal Rastra Bank (NRB), the exchange of old banknotes with crisp new bills of smaller denominations through the branch offices of Nepal Bank, Rastriya Banijya Bank and Agricultural Development Bank. However, the public can avail new currency notes worth only Rs 20,000 from the outlets of these banks.
According to the central bank, people can exchange banknotes from Nepal Bank's New Road, Balaju, Patan Industrial Estate, Kirtipur and Bhaktapur branch offices; and Rastriya Banijya Bank's Singhdurbar Plaza Bhawan, Teku, New Baneshwar, Sano Thimi, Bishal Bazaar and Naxal branches, while Agriculture Development Bank's Gaushala, Koteshwar, Ramshah Path, Ratnapark and Mangal Bazaar branch offices will also distribute new bank notes to the public.
Similarly, the central bank will also provide exchange service through its own exchange counters from September 13.
People can exchange small denominated bills of up to Rs 27,000 per person. "One can get crisp bills of only 100-piece bundle of Rs 5, Rs 10, Rs 20, Rs 50 and Rs 100 denominations," the central bank informed, adding that it has reduced the upper limit of cash that an individual can exchange this year. "Last year, the NRB had provided exchange facility for up to Rs 32,000 per person."
The demand for new banknotes goes up in the festive season due to customary practice of offering new banknotes while giving blessings, the central bank has been providing exchange service to the public.
The central bank has also said that it would provide exchange facility to constitutional bodies and other government agencies from September 7 to September 15. Representatives of constitutional bodies, various offices of the government, public corporations, Nepal Army, Nepal Police and Armed Police Force, among others, can get new bank notes by producing official recommendation letters.
According to the central bank, the exchange facility of new notes will also be available from the private financial institutions.
Joint spokesperson of the central bank Rajendra Pandit said that private banks and financial institutions can exchange notes from the currency management division of the central bank from Wednesday (September 6) onward.

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