Currency in Nepal to drop king's face
One of the last visible signs of Nepal's former monarchy, currency notes carrying portraits of ex-kings, will soon go out of circulation. Utpal Parashar reports.world Updated: Aug 19, 2010 02:39 IST
One of the last visible signs of Nepal's former monarchy, currency notes carrying portraits of ex-kings, will soon go out of circulation.
Nepal's central bank has issued directions to banks and financial institutions not to accept such notes from mid April next year, when the new Nepali year begins.
"Old notes carrying the king's portrait won't be accepted by financial institutions from next year," Nepal Rastra Bank official was quoted as saying.
NRB has asked banks and other such institutions to gradually reduce exchange of notes carrying portraits of the former kings before the April 2011 deadline. Due to peoples' reverence for the Shah dynasty, such notes are still widely accepted and circulated in Nepal as they carry portraits of former kings.
Since 1945, currency notes in Nepal carried portraits of the ruling monarch. The practice was stopped in 2007 during the last stage of King Gyanendra's reign when it was replaced by Mount Everest.
First Published: Aug 18, 2010 23:58 IST