Section 60: Currency Recall or Withdrawal

1) The Bank may recall the bank notes and coins in circulation within Nepal by issuing in exchange for other bank notes and coins in an equivalent amount. The Bank shall publish and transmit pubic notice clearly specifying the period during which the bank notes or coins must be presented for exchange and where they are to be so presented.

2) Notwithstanding anything contained in Section 53, upon expiry of the time prescribed pursuant to sub-section (1), bank notes and coins to be exchanged shall cease to be legal tender.

3) The Bank may cut, break, demolish or destroy in any manner whatsoever, the banknotes and coins withdrawn from circulation and the currency with defects, as prescribed.