KATHMANDU, Sep 14: Nepal Rastra Bank has opened for the exchange of clean notes for Dashain from today until September 26.
The public can now exchange clean notes at the Currency Management Department of Nepal Rastra Bank in Thapathali, as well as its provincial offices in Biratnagar, Janakpur, Birgunj, Pokhara, Siddharthanagar, Nepalgunj, and Dhangadhi.
Most commercial banks are also providing this facility. Customers can check with their banks and use the nearest location for the exchange service.
General public exchanging clean notes for Dashain (In Pictures)
In the past years, the central bank used to issue new notes during Dashain. However, this year it is only exchanging clean notes.
Citizens can get a bundle of 100 currency notes of Rs 5, Rs 10, Rs 20, Rs 50 and Rs 100 worth Rs 18,500.
Since Dashain– the major festival of Nepalis– is a time when economy blooms and money flows from cities to villages, the practice of distributing new notes is in practice.
This tradition also helps increase domestic circulation of Nepali currency at a time when consumer spending typically rises during the festival.
Currently, the cost of printing a single note ranges from around Rs 1.40 to Rs 4.68. Due to misuse and rapid wear of notes, the country incurs an average annual expense of billions of rupees to print new currency.
Therefore, in recent years, the central bank has stopped printing brand-new notes during Dashain and has instead been circulating clean notes already in the system.
