2017-09-14 Thu

The Nepal Rastra Bank (NRB) started offering new banknotes for the upcoming festivals from 13th September. Each person can exchange notes worth Rs 27,000. Exchange services are offered at counters of Currency Management Department of the NRB and state-owned banks.

Crisp notes of Rs 5, Rs 10, Rs 20, Rs 50 and Rs 100 denominations worth a maximum of Rs 20,000 per person can be obtained from branch offices of Nepal Bank Ltd (NBL), Rashtriya Banijya Bank Ltd (RBBL) and Agricultural Development Bank Ltd (ADBL).

The upper limit was set to Rs 32,000 per person last year for this exchange, which has reduced considerably this year. People outside the Kathmandu Valley can avail this exchange service at central banks across the country as well as commercial banks using note vaults of the central bank.

There is a tradition in Nepal where new bank notes are offered while conducting Pooja or receiving Tika during the festive season. This is when the demand for new banknotes increases. People wait in long queues at bank offices to get their old notes exchanged. 100-piece bundles of new banknotes of Rs 5, Rs 10, Rs 20, Rs 50 and Rs 100 denominations are available to be exchanged.