In a first-of-its-kind move, Nepal Government is planning to introduce a new law that would penalize anyone writing on currency notes.<\/p>\n
The new Nepali law, likely to be in force from August 17, 2018, considers it as a crime causing damage to currency notes and coins by any means of writing, drawing, burning, tearing, and drawing lines, among other activities.<\/p>\n
As the reports say, Nepal Rastra Bank (NRB) has already directed the country\u2019s banks and financial institutions to put the new law into practice across the country.<\/p>\n
In a public notice, NRB also informed the public about the new legal provision.<\/p>\n
Going forward, any citizen violating the law will be subjected to three months imprisonment and a fine of NPR 5000 under the Nepal Criminal Procedure Code Act 2017.<\/p>\n
According to Laxmi Prapanna Niraula, Chief of the Currency Management Department at NRB, the new law helps in increasing the lifetime of currency notes and adds to NRB efforts in revenue savings.<\/p>\n
The new law is the first such regulation from Nepal Government towards securing currency notes after the existing law in place, to penalize those making and circulating counterfeit currencies.<\/p>\n