After the fifth edition of Qatari banknotes went into circulation on July 1, 2021, Qatar’s central bank agreed to phase out the fourth edition. The Nepal Rastra Bank has made plans to swap the notes that are being phased out of circulation.
NRB has issued a notice asking to swap the fourth edition of Qatari notes by Baisakh 27. No bank, financial institution, or money changer, according to the Nepal Rastra Bank, will exchange notes that have not been exchanged within that timeframe.
The Nepal Rastra Bank has also designated locations for exchanging currency. It can be exchanged at the NRB’s Banking Department, regional NRB offices for banking transactions, banks and financial institutions authorised by the NRB to transact foreign exchange, and money changers, according to the NRB.
India had previously agreed to withdraw the INR 500 and INR 1,500 notes from circulation. India, on the other hand, had made no plans to exchange notes in Nepal at the time. Individuals, organisations, and the Nepal Rastra Bank still have IC notes in certain denominations, which are worthless pieces of paper.