2024/10/29 15:50 pm
The Nepal Rastra Bank (NRB) has agreed with a Chinese company to print 300 million copies of Nepali Rupee of 100-denomination banknotes featuring the revised political map with controversial territories of Lipulekh, Limpiyadhura and Kalapani.
The design was approved by the cabinet committee meeting of Nepal earlier in May. Chinese company China Bank Note Printing and Minting Corporation has been awarded the contract for printing new banknotes.
“This is to notify you that our intention to award the contract for execution of the procurement of the Designing, Printing and Delivery of 300 million pieces of Nepalese Rupee-100 denomination Circulation Banknotes and Related Services (IFB No. NRB/CMD/ICB/G-03/080/81) to you as your bid price $8,996,592.00 as corrected and modified in accordance with the instructions to bidders is hereby selected as substantially responsive lowest evaluated bid,” the letter by Nepal Rastra Bank said.
This could turn the relationship between India and its neighbour Nepal sour as all three areas Lipulekh, Limpiyadhura and Kalapani have been part of India for the last 60 years. They are part of the Kumaon Division of the Uttarakhand state. Nepal and India share a border of 1,850 km with five Indian states- Sikkim, West Bengal, Bihar, Uttar Pradesh and Uttarakhand. The three disputed areas are across western Tibet’s Nagri Region encompassing 370 sq km. Nepal issued a constitutional amendment on May 20, 2020, incorporating these three disputed areas in a new map. These areas are strategically important to Indian and South Asian diplomacy. Kalapani is at the trijunction between India, Nepal and Tibet. The Lipulekh Pass connects Uttarakhand to Tibet. Given Nepal’s role as a buffer state between India and China, this territorial dispute is less likely to escalate however it bears the hints of tough times for India and Nepal relations.
Nepal Rastra Bank is responsible for designing notes however it cannot modify the designs and sizes of the notes without government approval. The printing of notes is likely to cost Rs1.2 billion with each note costing 4 rupees and 4 paisa.