Puneet Varma (Editor)

Nepalese rupee

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Covid-19
Code  NPR
Freq. used  Rs.रू1, रू2
1/100  Paisa

Symbol  रू Rs. (plural) Re. (singular)
Freq. used  Rs. रू5, रू10, रू20, रू50, रू100, रू500, रू1000
Rarely used  Rs.रू1, रू2, रू25, रू250


The Nepalese rupee (Nepali: रूपैयाँ, symbol: रू, Rs.; ISO 4217: NPR) is the official currency of Nepal. The Nepalese rupee was introduced in 1932 and it replaced the Nepalese mohar at 2:1. Nepalese rupee is subdivided into 100 paisa. The issuance of the currency is controlled by the Nepal Rastra Bank. The Nepalese rupee is pegged to the Indian rupee at 1.6:1.

Contents

History

The rupee was introduced in 1932, replacing the silver mohar at a rate of 2 mohar = 1 rupee. At first, the rupee was called the mohru in Nepali. Its value was pegged to the Indian rupee in 1993 at a rate of 1.6 Nepalese rupees = 1 Indian rupee.

1945 - 1955

The early banknotes which were issued between 1945 and 1955 during the rule of King Tribhuvan were not put into circulation by a Central Bank which did not exist in Nepal at that time. The issuing authority was the treasury which had the name Sadar Muluki Khana. Therefore, the notes of king Tribhuvan were not signed by a bank governor, but by a Kajanchi (head of the treasury) who was a high Hindu priest in the same time. Nepal’s early paper currency probably includes the only notes of the world which were signed by a high priest. These early notes were printed by the Indian Security Press in Nashik and do not have any security features, except for the water marks and the special paper on which they are printed.

1955 - 1972

Starting with King Mahendra who succeeded to his father Tribhuvan in 1955, the banknotes were issued by Nepal Rastra Bank (Nepal National Bank) which was founded in April 1956. The signature of the governors of this institution is found on the banknotes which were issued after this date.

Under King Mahendra the Nepalese Government became “His Majesty’s Government” (expressed by "shri 5 ko sarakar" which literally means “the government of the five times honoured”) and remained this way during the rule of Birendra and Gyanendra. Two series of banknotes were issued during the rule of king Mahendra: The first series shows the king in civilian clothes wearing the Nepalese “topi” while on the notes of the second series the king is shown in military uniform. The second series comprised for the first time notes of the high value of 500 and 1000 rupees.

1972 - 2001

During King Birendra’s rule one can also distinguish between two major series of banknotes. The first series features the king wearing military uniform while on the notes of the second series the king is wearing the traditional Nepalese crown adorned with feathers of the bird of paradise. During this period regular banknotes of 2 and 20 rupees and special banknotes of 25 and 250 rupees were issued for the first time. The legends found on the last issues of Gyanendra revert to Nepal sarakar (“Nepalese Government”), thus omitting the reference to the king.

2007 -2012

In October 2007, a 500 rupee note was issued on which the king’s portrait was replaced by Mt. Everest. This reflects the historic change from a kingdom to a republic which took place in May 2008 in Nepal. Further notes of 5, 10, 20, 50, 100 and 1000 rupees with Mt. Everest and without reference to the king in their legends followed in 2008. The first issues of the 500 and 1000 rupee notes were printed on paper which still had the king's crowned portrait as watermark in the "window" on the right part of the face of the notes. It was decided to print a red Rhododendron flower (Nepal's national flower) on top of the watermark. Notes of these denominations which were issued in 2009 and thereafter are printed on paper which has a Rhododenron flower as watermark instead of the royal portrait and were therefore released without the additional overprint in red.

References

Nepalese rupee Wikipedia


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