Tuesday, November 2, 2021

New Rs 100 and Rs 500 denominations bank notes to have security threads

 At the time, when the central bank has to prioritise reprinting Re1 and Rs 2 denomination bank notes to check the spiraling retail price inflation, it is planning to introduce new bank notes of Rs 100 and Rs 500 denominations.

"The new notes of Rs 100 and Rs 500 denominations will be identified by even the visually-impaired people by touching," the central bank confirmed. "Earlier the central bank had introduced Rs 1,000 denomination bank notes."

The new notes of Rs 100 and Rs 500 will have a highly-secure security thread that could be verified by machines, the central bank said, adding that the new bank note with security thread is also expected to reduce the distribution of fake banknotes in the market.

According to the Currency Management Department under the central bank, the central bank has already printed Rs 100 denomination bank notes worth Rs 400 million this year, while banknotes of Rs 500 denomination, worth Rs 190 million, will be printed out by November 17.

The central bank has also signed an agreement to print more bank notes of Rs 1,000 denomination, with security thread, for seven years under the same rate in case more notes need to be printed out, though it is high time the government should stop printing Rs 1000 denomination bank notes, also to check corruption, flow of black money and rise in retail inflation in the market that is not reflected in the central bank's data at present.

It will also encourage the people to shift to the digital banking for larger transaction,

The central bank is going to implement every safety measure when it comes to keeping the Nepali bank notes safe and secure with added safety measures.

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