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Rs 471 billion soiled notes destroyed in 6 decades

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Rs 471 billion soiled notes destroyed in 6 decades
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March 21: Nepal Rastra Bank has so far destroyed soiled notes worth Rs 471 billion in 63 years since its inception. The central bank has been replacing old notes which have been damaged, torn or burnt with new ones in the market.

Records maintained by the central bank shows that there has been an increase in the number of soiled notes exchanged by the bank in the recent years.

The central bank had destroyed old and unusable notes worth Rs 65.4 billion in the last fiscal year (2017/18). Collection of soiled notes last year was double the combined amount of the previous two years. According to the NRB, it had collected soiled notes worth Rs 26.27 billion in FY 2015/16 and Rs 25.75 billion in FY 2016/17.

Sources at the central bank told New Business Age that they have been receiving more number of Rs 500 and Rs 1000 denomination notes of late.

The central bank has predicted an increase in collection of soiled notes in the current fiscal year. It has already collected unusable notes worth Rs 53.13 billion in the first seven and a half months of the current fiscal year, informed Laxmi Prapanna Niraula, executive director of the Currency Management Department of NRB.

 

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