Chinese firm bags contract to print Nepal's Rs 1,000 bank notes

A Chinese company has bagged a contract to design and print 430 million pieces of Nepal's Rs 1,000 denomination banknotes, officials said on Saturday.

Nepal Rastra Bank (NRB) issued a letter of intent to the China Banknote Printing and Minting Corporation on Friday for the design, printing, supply and delivery of the notes, the bank officials said.

The total project cost has been fixed at USD 16.985 million, according to the Currency Management Department of the bank.

The Chinese company was selected on the basis of the lowest evaluated bid.

The firm has previously printed Nepalese banknotes of Rs 5, Rs 10, Rs 100, and Rs 500 denominations, the officials said.