The Commission for Investigation of Abuse of Authority (CIAA) on Thursday asked the Nepal Rastra Bank (NRB) to furnish written clarifications explaining the reasons of cash shortage at the peak of Dashain festivities. The CIAA´s decision comes at a time when there is a nationwide shortage of bank notes.“We have instructed NRB officials to furnish written explanations as soon as possible,” said CIAA Acting Chief Lalit Bahadur Limbu, adding, that the anti-graft body would carry out a thorough investigation into the matter immediately following Dashain vacation.
Limbu said that the NRB has been asked to furnish clarifications mainly on three issues --fundamental reasons leading to shortage of bank notes, name of the officials to be held accountable and other technical errors - that eventually led it to distribute Indian Currency. According to Limbu, they have initially explored three basic faults behind the shortage of bank notes.
First, the NRB made wrong decisions while selecting company that supplies currency. Second, the NRB officials failed to incorporate a provision in the agreement to penalize the company if it failed to supply bank notes and finally, NRB officials failed to put in serious efforts to ward off the problem.
Following shortage of bank notes, some banks had distributed Indian Currency (IC), while they also lowered withdrawal limits for Automated Teller Machines (ATMs).
Officials said that almost all leading commercial banks made payments to depositors in Indian currency upon the request and urgency of the depositors.
“We have also asked the NRB to furnish reasons on why it decided to distribute faulty bank notes,” Limbu added. The central bank had received fresh 500-rupee notes worth Rs 4.5 billion last week from a French note printer but the severity of note shortage has not eased even after the release of Rs 3 billion.
Source:Republica
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