Kathmandu, October 7
Targeting Dashain and other festivals this year, Nepal Rastra Bank has directed banks and financial institutions to make new Rs 100 notes available through ATMs.
Following the central bank’s directive, some banks and financial institutions have begun distributing Rs 100 notes from newer-model ATMs.
Rastra Bank spokesperson Gurus Prasad Paudel said that, with the Bhotekoshi flood having caused heavy loss of life and property, arrangements have been made for the public to get crisp, clean notes from Rastra Bank and commercial banks without unnecessary publicity about new notes, with a focus on the festival season.
“On the one hand, exchanging money is a daily routine task. There is no need to issue a notice for it,” he said. “With the Bhotekoshi flood causing heavy loss of life and property right at the start of the festival season, it is also not appropriate for Rastra Bank to issue a notice about celebrating Dashain. This is how we have decided to go about it.”
Paudel said that since September 17, crisp and clean notes have been distributed from Rastra Bank’s Thapathali office, its provincial offices and commercial banks.
He added that, for the past four to five years, Rastra Bank has been gradually trying to reduce the practice of bringing new notes into the market specifically for festivals.
“Up to September 16, currency in circulation stood at Rs 794 billion,” he said. “We estimate that around 8 to 10 percent of this amount will increase during Dashain.”
-RSS
