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The
Nepalese rupee (Nepali: रूपैयाँ; symbol: रू, ₨; code:
NPR) is the official currency of the Federal Democratic
Republic of Nepal. The Nepalese rupee is subdivided into
100 paisa. The issuance of the currency is controlled by
the Nepal Rastra Bank, the central bank of Nepal. The
Nepalese rupee was introduced in 1932, when it replaced
the Nepalese mohar at the rate 2:1.
Starting with King Mahendra, who succeeded his father
Tribhuvan in 1955, banknotes were issued by Nepal Rastra
Bank (Nepal National Bank) which was founded on April
26, 1956. The signature of the governor of this
institution is found on all banknotes which were issued
after this date.
Under King Mahendra, the Nepalese Government became “His
Majesty’s Government” (in Nepalese "Shri Paanch ko
Sarkar”, which literally translated 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 higher
denominations of 500 and 1000 rupees notes, which had
not been issued before.
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