Distribution of new banknotes begins today

Published On: October 2, 2016 03:06 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Oct 2: The central bank has started distributing new banknotes to general public for the Dashain festival from Sunday.

 The Currency Management Department of the NRB in Thapathali has setup nine counters for the distribution of the crisp banknotes. NRB has managed separate counters for senior citizens and disabled. Likewise, separate counters have been established for those with recommendations.

Chief of NRB Currency Management Department, Bhuwan Kandel told Republica Online that six counters have been allocated for the general public. The Department will distribute coupons at first and then provide new banknotes on the basis of the coupons.

“The coupon system was introduced to facilitate the distribution process,” said Kandel, “A person will get a maximum of Rs 37,000.” Last year, the NRB had fixed the limit for exchange of banknotes at Rs 22,000 per person.

The central bank has already provided Rs 2 billion new banknotes to private Bank and Financial Institutions (BFIs) for distribution. The general public will get new notes from the BFIs too. 

Kandel said that 20 percent more new notes have been given to BFIs when compared to the last year.

NRB has estimated that some Rs 8 billion new banknotes will be distributed this festive season. Last year, Rs 5.69 billion was distributed for Dashain.

The central bank has managed the distribution of new banknotes outside the Kathmandu Valley as well.

 The central bank will provide exchange facility of two bundles of banknotes of Rs 5, Rs 10, Rs 20, Rs 50 and Rs 100 denominations each to a person. Each bundle contains 100 bills.


Leave A Comment