Demand for new currency notes is expected to rise as the major festivals of Dashain, Tihar and Chhath approach. However, Nepal Rastra Bank (NRB) has not planned to issue a separate notice this year specifying particular dates and locations for the exchange of new notes, as it has done in previous years.
Citizens who wish to obtain new notes can exchange them at Nepal Rastra Bank offices as well as branches of banks and financial institutions.
According to Nepal Rastra Bank, there is no shortage of new currency notes this year, so the exchange facility has been made available through the regular process. NRB officials said that citizens visiting for new notes have so far been provided with one or two sets, depending on availability.
In previous years, the central bank used to issue a public notice before Dashain specifying the dates, locations and limits for exchanging new notes. The special arrangement was made because demand for new notes tends to increase significantly during Dashain, particularly due to the tradition of giving cash as dakshina to family members and relatives.
This year, however, the NRB has decided not to introduce a separate formal exchange program and instead provide the facility through the regular currency exchange process.
No Need to Visit Nepal Rastra Bank
Another convenience for citizens this year is that they do not necessarily have to visit the NRB’s Thapathali office to exchange new notes. They can obtain new notes from branches of banks and financial institutions located at convenient locations.
Nepal Rastra Bank has said that it has already supplied the required quantity of new notes to banks and financial institutions. Citizens can therefore contact their nearest bank or financial institution to exchange their notes.
The Currency Management Department of Nepal Rastra Bank is responsible for the supply of Nepalese banknotes, management of currency in circulation and note exchange services. The central bank has been providing facilities for exchanging clean and new banknotes throughout the year.
