&imwidth=800&imheight=600&format=webp&quality=medium "Nepal gives Chinese company contract to print Rs 1,000 bank notes")
A Chinese firm has sealed a deal with Nepal government to design its currency notes. Under the contract, the company will print 430 million pieces of Nepal's Rs 1,000 denomination banknotes, said officials. A letter of intent was given to the China Banknote Printing and Minting Corporation on Friday by Nepal Rastra Bank (NRB) to design, print and supply the currency notes.
According to the Currency Management Department of the bank, the cost of the total project stand at a whopping $16.985 million, reported news agency PTI.
The contract was given to the Chinese company on the basis of the lowest evaluated bid.
Notably the China Banknote Printing and Minting Corporation has previously printed Nepalese banknotes of Rs 5, Rs 10, Rs 100, and Rs 500 denominations.
In the recent years China has been pressing hard to extend its political and economic engagement with Nepal. While India that has cultural, diplomatic and religious relations with Nepal sees any such move by China with suspicion as it could undermine its position in the region.
Nepal's violent Genz protest
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Nepal has just come out of a large scale protest, primarily by the youngsters, that overthrew the government in the country. Prime Minister KP Sharma Oli stepped down. Several ministers were assaulted, chased, and their homes were set afire by angry protesters. Rajyalaxmi Chitrakar, wife of former PM Jhalanath Khanal, died after her home was torched. Protesters also stormed and set fire to key government buildings, including Parliament, the PM’s residence, and the President’s house.
While the trigger was a sweeping government move on September 4, when 26 social media platforms, including Facebook, Instagram, YouTube, Whatsapp and X were blocked, protesters, mostly youngsters, also came to the streets over rising corruption, a lack of accountability and inequality from the top echelons of the nation. The protets were termed by many as the ‘Gen Z Protest’ or even the ‘Gen Z Revolution’.
