You may have returned empty-handed the last time you went to the bank for fresh cash for the Dashain festival - but panic not. According to Nepal Rastra Bank (NRB), notes with Rs 500 denominations worth Rs. 20 billion will be arriving Nepal from France on Friday. The injection of fresh money is expected to help banks and financial institutions tide over the cash crunch they are facing currently. "By Sunday, the shortage of high denomination notes will be resolved," said Ashwini Thakur, chief of Currency Management Department of the NRB. "The new notes will come into circulation by Sunday." According to NRB, 40 million 500 rupee notes will enter the system by Friday.Thakur said, after the arrival of these fresh notes, NRB will be in position to meet additional demand of notes for the festive season. These notes bear the signature of former governor Dipendra Bahadur Chhetri. But for the notes with Rs 1000 denomination, one will have to wait till December. NRB is expecting to receive 100 million pieces of 1000-rupee notes by then. The delay in supply of fresh notes and disappearance of high-denomination notes worth Rs. 11 billion are the main reason for the present crisis, according to NRB officials. Generally, circulated fresh notes return after three weeks to the NRB. However, of late, the high denomination notes are not coming back to the central bank as per normal trend, said an NRB official.
Due to shortage of high denomination notes, there is pressure in the low denomination notes and its stock is also decreasing fast. NRB has been supplying low denomination notes to the consumers and the financial institutions. Generally, the demand for the fresh notes in the festive season goes up. According to Thakur, NRB had supplied fresh notes worth Rs. 12-13 billion during the last Dashain. Due to shortage, NRB hasn't made special arrangement for the supply of fresh notes this time around. "We've not made special arrangements for this Dashain," said Thakur.
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