The Nepal Rastra Bank (NRB) said it would be issuing fresh bank notes from October 7 through 22 different branches in the Kathmandu Valley for the upcoming Dashain festival.
The crispy paper money goes into high demand as new notes are traditionally given as gifts during the festival.
The central bank said it has set up counters at its currency management department at Thapathali, and also set up services at 21 branches of Rastriya Banijya Bank, Nepal Bank and Agricultural Development Bank to circulate the notes.
“We will provide exchange facility for up to Rs27,000 per person in denominations of Rs5, Rs10, Rs20, Rs50 and Rs100,” said Narayan Poudel, spokesperson for NRB. The bank, however, has not disclosed the amount of fresh notes to be distributed this Dashain. Last Dashain, the NRB had brought Rs40 billion worth of new notes into circulation to meet demand.
The bank said there would be no shortage of fresh bank notes this year.
Outside the valley, fresh currency notes can be obtained from NRB’s branch offices located in Biratnagar, Janakpur, Birgunj, Pokhara, Siddharthanagar, Nepalgunj and Dhangadhi. The central bank said it will also be providing the new paper notes outside the valley through the branches of three government-owned banks that are authorised for maintaining the currencies reserves.
However, private banks and financial institutions are not so keen on distributing fresh bank notes as they would need to assign extra personnel and pay additional insurance charges.