Kathmandu, Nepal – Nepal Rastra Bank has announced that it will distribute clean notes instead of new notes for the upcoming Dashain festival. This decision is part of the bank’s efforts to manage expenses and promote digital transactions.
While the tradition of exchanging new notes during Dashain is deeply ingrained in Nepali culture, the Rastra Bank has determined that providing clean notes is a more sustainable and cost-effective approach.
The bank has been preparing for this change for several years and has implemented measures to ensure that the transition is smooth. Clean notes will be replaced with new ones, but there will be no distribution of new notes specifically for Dashain.
While some people may find it challenging to adjust to the change, the Rastra Bank believes that the benefits of this decision will outweigh any initial inconvenience. The bank expects that people will gradually adapt to using clean notes during the festival.
By reducing the printing of new notes, the Rastra Bank aims to save costs and encourage the use of digital payment methods. The bank has also arranged for the availability of small and large denomination notes through its Clean Note Bank.
The Rastra Bank has clarified that the new notes printed for Dashain tend to deteriorate quickly due to heavy usage during the festival. This decision is based on the bank’s assessment of the lifespan of banknotes, which is typically three to four years.
The bank estimates that by switching to clean notes, it can save approximately 1.3 billion rupees annually on note printing costs. This decision is expected to have a positive impact on the bank’s overall financial management.
