NRB Instructs To Separate Clean Notes
May 25, 2020 | Investopaper
Banks and financial institutions have to divide the notes into three categories, new, clean and useless. NRB has issued a circular on Sunday giving nine-point instructions to banks and financial institutions regarding clean notes.
As per the instructions, the notes should be divided into notes that can be sent into circulation from ATM machines, Payments from the counter that can be sent into circulation and those that cannot be sent into circulation. Accordingly, banks and financial institutions will have to use green on the slip of the packet of notes to be sent to the ATM, white on the slip of the note to be sent at the counter and red on the slip of the note to be sent in circulation.
Ineligible notes for circulation will have to be deposited in the Nepal Rastra Bank. Financial institutions that do not have access to these institutions are asked to deposit in the bank where they have their account. While making the payment, the notes that can be sent in circulation will have to be virus-free by following certain procedures. The name of the office branch, seal, name of the employee counting the notes, employee identification number, signature and date must be filled in the slip.
Stitches cannot be used on notes. Banknotes that have been scratched, corroded, burnt, melted, soaked, damaged in printing, letters, numbers, pictures and security features misunderstood or damaged or have a picture of the former king should be classified as non-disposable notes. NRB has instructed that such notes cannot be sent in circulation.
