Kathmandu, August 30

Nepal Rastra Bank (NRB) — the central regulatory and monetary authority — is preparing to distribute new banknotes targeting Dashain from mid-September.

Laxmi Prapanna Niraula, spokesperson for NRB, informed that preparations are underway to finalise the date to distribute new banknotes for the festive season. “NRB will tentatively begin to supply such banknotes from mid-September or 15 days before Dashain starts,” he said.

The central bank is expected to circulate new banknotes of different denominations worth almost Rs 14 billion for the festive season this year. It had issued new banknotes equivalent to the same amount for Dashain last year.

The central bank scraps old currency notes of an equal amount after circulating the new banknotes in the market.

“We will soon decide on the amount of new banknotes to be circulated and the maximum amount of new banknotes that an individual can exchange through banks and other outlets where public can exchange such currency,” informed Niraula.

In the previous Dashain, the NRB had allowed each person to obtain lower denomination notes of up to Rs 27,000 and the central bank had distributed banknotes from the central bank banking office in Thapathali, Rastriya Banijya Bank and Nepal Bank Ltd.

Similarly, the central bank had allowed individuals to obtain 100 units of banknotes of Rs 100 and 200 units each of Rs 50, Rs 20, Rs 10 and five-rupee denominations from the central bank and designated branches of Rastriya Banijya Bank and Nepal Bank Ltd.