By Xinhua
Kathmandu : Nepal Rastra Bank (NRB), the central bank of Nepal, will issue new currency notes of 500 Nepali rupees denomination without the king’s name or any royal symbols from Thursday.
According to a leading website, eKantipur.com Wednesday, as part of the government’s drive to cut royal power, the central bank had released new coins of two rupees denomination without the king’s name and any royal symbols for the first time Sep 5.
The central bank is releasing 20 million units of the new currency notes worth Nepali Rs.10 billion ($153.8 million) in which Mt. Qomolangma replaces the king’s image.
The picture of the national flower rhododendron has been printed in place of the existing watermark.
The central bank is also making preparations to issue new currency notes of 50 and 100 denominations as well.
It would take another seven to eight months before the new currency notes arrive in the market, said the bank officials.