Kathmandu: Nepal Rastra Bank (NRB) will issue new paper notes only in the denomination of Rs 5 for the upcoming Dashain festival, while providing clean notes in other denominations.
The central bank said the move is part of its cost management strategy and efforts to encourage digital transactions. Until last year, NRB used to print new notes of multiple denominations for the festival, spending an average of Rs 1.3 billion annually.
According to an NRB source, individuals will be allowed to exchange clean notes and new notes worth up to Rs 18,500 per person through any commercial bank and the central bank’s seven provincial offices.
Dashain, the biggest Hindu festival in Nepal, is less than a month away.