Kathmandu, September 23
Nepal Rastra Bank – central regulatory and monetary authority – will start distributing new banknotes for the Dashain festival from October 7 to October 15.
A person can obtain lower denomination notes of up to Rs 27,000 and the notes will be distributed from the central bank banking office in Thapathali, Rastriya Banijya Bank and Nepal Bank Ltd, according to the central bank.
According to the Joint Spokesperson for the central bank Govinda Prasad Nagila, each person can obtain 100 units of banknotes of Rs 100 and 200 units each of Rs 50, Rs 20, Rs 10 and five rupees denominations from the central bank and designated branches of Rastriya Banijya Bank and Nepal Bank Ltd.
Laxmi Prapanna Niraula, head of the NRB banking office, has informed that people exchanged new lower denomination banknotes worth Rs 13 billion last year and the central bank has assumed that the demand for new notes will hover around the same figure this year as well.
The central bank scraps the old currency notes of an equal amount after circulating the new banknotes in the market.
A version of this article appears in print on September 24, 2018 of The Himalayan Times.