KATHMANDU: Nepal Rastra Bank (NRB) has announced that it will not be distributing new notes for Dashain this year.
Traditionally, new notes are distributed during this major festival, but clean notes will be used instead.
Despite Nepal’s multicultural fabric, Dashain has always received special attention from the state, which historically involved printing and distributing new notes for the occasion.
The tradition dates back to 2002 BS when Nepal introduced its first banknotes, and for 79 years, new notes have been a staple during Bijaya Dashami.
This year, however, the process will be different. With the absence of new notes, people will need to use old but clean notes for their Dashain expenses.
In recent years, especially in urban areas, digital transactions have seen significant growth.
Many educated youth now prefer digital payments, and this trend extends to daily transactions for goods and services.
Consequently, the lack of new notes this Dashain may encourage the adoption of digital “Dakshina” (cash goven to juniors and relatives during Dashain) methods.
“Even those who have not practiced can be given QR codes,” says Ramu Poudel, Spokesperson for the Nepal Rastra Bank.
Elderly people who might not be familiar with digital transactions but have bank accounts can receive “Dakshina” through QR codes.
Family members can print these codes for their elders to use.
For those without bank accounts, opening one and obtaining a QR code is an option.
As traditional practices often involve giving “Dakshina” after tika, QR codes can facilitate this process.
Similarly, the trend of opening bank accounts for grandparents and using their QR codes for Dashain is also increasing.
For those accustomed to digital transactions, using QR codes for “Dakshina” will not pose a challenge.
The absence of new notes this year may accelerate the shift towards digital transactions, which could positively impact the economy.
The NRB has stated that clean notes can be exchanged at all banks, and the decision not to print new notes this Dashain is attributed to a decline in demand and rising costs of production.
Spokesperson Paudel explained that newly printed notes are often returned to the central bank after a single use, rendering their production less necessary.
It should be noted that a cabinet meeting led by Pushpa Kamal Dahal ‘Prachanda’ decided to feature Nepal’s Chuchche map on the 100-rupee note.
However, due to current needs and demand, new notes with this design will be introduced at a later date.
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