NRB not to accept old notes after mid-March
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KASKI, FEB 15 -
The Nepal Rastra Bank (NRB) has said that it will not accept old banknotes after mid-March as per its Clean Note Policy. It has also asked Bank and Financial Institutions (BFIs) to collect old banknotes within the deadline.
The central bank, through the Monetary Policy for the current fiscal year, decided to implement the Clean Note Policy to replace old banknotes having former kings’ portrait with new notes having the image of Mount Everest. “The old banknotes must reach the central bank’s treasury within mid-March,” said Ashwini Kumar Thakur, executive director of the central bank, at an interaction on ‘Clean Note Policy and Identification of Fake Banknotes’ on Monday. Thakur, however, said old banknotes will be accepted after the deadline as well. “But the central bank wants to replace them completely,” he added.
According to the central bank, banknotes worth Rs 26.13 billion are in circulation currently. Of them, notes worth Rs 26.13 have portraits of former kings.
The central bank is planning to come up with a provision under which general people can approach certain designated counters and exchange old banknotes if they fail to exchange them within mid-March. Under the Clean Note Policy, the NRB also seeks to make flow of new notes that are clean and possess high quality. Badri Kumar Ghimire, deputy director general of Currency Management Department of NRB, said the central bank has been organising programmes across the country to raise awareness about new notes.“”Despite central bank’s call, BFIs have not stopped releasing old banknotes”” he added.
That fact that many other countries have adopted the Clean Note Policy has pressurised the government to replace old banknotes at the earliest. The central bank has already circulated more than Rs 111.96 billion worth of banknotes having the image of Mt. Everest.
Posted on: 2011-02-15 09:00
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