Monday, February 13, 2017

New Rs 1000 denomination bank notes in the market

The central bank is issuing new Rs 1000 denomination bank notes in the market as China has printed and delivered the new bank notes.
The Nepal Rastra Bank (NRB) has received 24 million Rs 1,000 denomination bank notes printed and delivered by the China Banknote Printing and Minting Corporation (CBPM), according to executive director at the Currency Management Department under the central bank Bhuban Kadel
We have checked the new notes, he said, adding that the central bank is utterly impressed by the quality of the notes, particularly considering the cost was far lower than the bank had previously paid to another printer. "The quality is as good as the ones that were printed earlier in another country but the cost is less than half of the amount we had earlier paid."
Getting 200 million notes printed in China saved the central bank $3.76 million, according to Kadel.
Timely delivery of these notes was also important for the central bank to provide grant aid to earthquake victims as promised by the government.
After finding that the notes available were insufficient to meet the requirements for providing the grants to the quake victims, the central bank had ordered printing the Rs 1,000 denomination notes without revising the specifics, which were earlier planned to be changed. "The second and third consignments under the first batch have also arrived in Kolkata of India, from where we will take delivery next week of one of the consignments," he added.
The central bank will take delivery of all Rs 1,000 denomination bank notes in three batches. Under the first lot, 84 million notes have been delivered.
China Banknote Printing and Minting Corporation (CBPM) – the Chinese state-owned company – had won the tender last August to print Rs 1,000 bank note, which is the largest denominated currency notes in the country.
The same Chinese company had earlier printed Rs 100 denomination bank notes as well, which were delivered in June 2016. It was the first time that any Chinese company was involved in printing Nepal's currency notes. Nepal had been earlier getting its notes printed by Indonesian, French and Australian companies.
According to the central bank, the same Chinese company also signed the contract to print 260 million Rs 5 denomination bank notes recently at a lower cost than the previously paid for.

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