October 3, 2016 09:18 AM NPT
KATHMANDU, Oct 3: The Nepal Rastra Bank (NRB) has started distributing new banknotes to general public for the Dashain festival from Sunday.
The Thapathali-based Currency Management Department of the central bank has set up nine counters for the distribution of crisp banknotes for the festive season. The NRB has also managed separate counters for senior citizens and differently-abled persons. Likewise, separate counters have been arranged for those with recommendations.
Chief of NRB’s Currency Management Department, Bhuwan Kandel, told Republica that six counters have been allocated for general public. The Department will distribute coupons at first and then provide new banknotes on the basis of coupons to make the process hassles free.
“The coupon system has been introduced to facilitate the distribution process,” Kandel said, adding that an individual can exchange maximum of Rs 37,000 in crisp notes. “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 for distribution to banks and financial institutions (BFIs). General public will get new notes from the BFIs too.
Kandel said that the central bank has provided 20 percent more new notes to BFIs compared to the last year, considering rising demand for fresh notes. The central bank has estimated that people will exchange Rs 8 billion in new notes. Last year, it had distributed new notes worth Rs 5.69 billion during Dashain.
According to Kandel, its offices outside the Valley will also distribute new banknotes. “The limit for the distribution will be according to the need and the BFIs outside the Valley will decide themselves on need basis,” he added.
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.
The central bank has also asked the people to follow the ‘clean note policy’ as the life of banknotes increases if they are kept and exchanged clean.