Kathmandu: Nepal Rastra Bank will exchange only clean, rather than new, notes for Dashain festival this year.
Since a sufficient number of notes once circulated and returned to the banking system are available, and exchanging new notes increases the use of clean notes, the central bank has arranged for only clean notes to be exchanged.
“We will arrange for the public to exchange clean notes instead of new notes for this year’s Dashain,” said Ramu Paudel, Executive Director of the Currency Management Department at the central bank, in an interview with Clickmandu. “However, Rs 5 notes will be exchanged in new notes.”
He added that clean notes can be exchanged not only during Dashain but also at other times.
Paudel explained that in past years, notes exchanged during Dashain and Tihar festivals circulated once and then returned to the banks in sufficient numbers. Therefore, the central bank will arrange to sort and exchange those clean notes. He stated that by next week, the central bank will issue a notice and prepare for note exchange to begin by the end of Bhadra or the start of Ashoj (mid-September).
“The general public can exchange clean notes not only for Dashain but also during any festival or other time at Nepal Rastra Bank and commercial banks,” Paudel said. “For Dashain, the central bank will issue a notice setting the exchange limit at Rs 18,500 per person. Rs 5 notes, however, will be exchanged as new notes.”
He further stated that arrangements will be made for exchanging clean notes through NRB’s banking office in Thapathali, regional offices in all seven provinces, and commercial banks. Since clean notes will be made easily available to the banks, the public will also be able to conveniently exchange notes for Dashain through them.
The central bank also mentioned that commercial banks will facilitate the exchange of clean notes for the public through their district offices where note funds are in operation, in addition to NRB’s provincial offices.
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