Tuesday, September 25, 2018

Central bank to issue fresh notes from October 7

The central bank is issuing fresh bank notes from October 7 through 22 different branches in the Kathmandu Valley for the Dashain festival.
The new paper money goes into high demand as traditionally they given as gifts during the festival. The Nepal Rastra Bank (NRB) also said that there would be no shortage of fresh bank notes this year. Last Dashain, the central bank had brought Rs 40 billion worth of new notes into circulation to meet demand.
The central bank has also set up counters at its currency management department at Thapathali, and also set up services at 21 branches of Rastriya Banijya Bank (RBB), Nepal Bank and Agricultural Development Bank to circulate the notes.
Outside the valley, fresh currency notes can be obtained from the central bank's branch offices located in Biratnagar, Janakpur, Birgunj, Pokhara, Siddharthanagar, Nepalgunj and Dhangadhi. However, private banks and financial institutions are not so keen on distributing fresh bank notes as they would need to assign extra personnel and pay additional insurance charges. The central bank said it will also be providing the new paper notes outside the valley through the branches of three government-owned banks that are authorised for maintaining the currencies reserves.
The central bank is providing exchange facility for up to Rs 27,000 per person in denominations of Rs 5, Rs 10, Rs 20, Rs 50 and Rs 100, according to the Nepal Rastra Bank.

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