NRB reverses old Nepali notes ruling
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KATHMANDU, MAR 16 - Nepal Rastra Bank (NRB) has reversed its decision to replace the old Nepali notes bearing headshots of former kings, citing the directive proved a nuisance for public.
A notice issued by the central bank on Wednesday read that it came to the decision upon learning that the directive to render the bills with pictures of former kings obsolete posed inconveniences to people.
Earlier on the day, the Commission for Investigation of Abuse of Authority had grilled NRB office bearers for trying to impose the directive without any public notification. The anti-graft body had ordered the central bank officials to continue the circulation of the notes.
Many shopkeepers and consumers alike had stopped dealing notes with former kings' pictures after NRB's abrupt decision created problems while transacting goods. NRB's abrupt decision to invalidate the old bills was to blame.
With the ouster of monarchy, a Cabinet meeting on June of 2006 had decided not to print notes with the portraits of former kings. Such notes are still in circulation in the market, and they are likely to linger for some more time.
Posted on: 2011-03-16 08:50
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