Royal Monetary Authority launches three facilities

Royal Monetary Authority  launches three facilities

The Royal Monetary Authority (RMA) launched three facilities in Phuentsholing, which will help promote better financial services among residents and businessmen alike.

The Central Bank opened a facility where mutilated, soiled and burnt currency notes can be exchanged for fresh ones.

All old currency notes from within the country and across the border will be collected citing the responsibility of RMA to refund them as per the note refund rule. The refunds will be made according to RMA guidelines.

The second facility will provide various gold and silver commemorative coins launched by the Central Bank to celebrate special national occasions.

Coins printed during the 60th Birth Anniversary of The Fourth Druk Gyalpo and the Fifth Druk Gyalpo’s Royal Wedding and Coronation will be made available to both Bhutanese citizens and tourists. The present RMA counter will cater to tourists’ needs.

The third facility RMA launched is a cash counter inside the Department of Immigration in Phuentsholing to facilitate easy access to Ngultrum and Indian Rupee for tourists whenever necessary. “Since demonetization of INR 500 and 1000 notes, people especially the tourists and tourism-related industries have been suffering so we are planning to help them,” said RMA Governor, Dasho Penjor.

However, issues arising from demonization have subsided now. The merchants in Jaigaon, India have started accepting Ngultrum after facilities to exchange Ngultrum for Rupee from RMA counter were put in place.

Also, in a move to promote cashless transactions and curb corrupt practices among drivers and the fuel depot operators, RMA plans to install Point of Sales (POS) system in every fuel station across the dzongkhag.

Speaking to the paper, people said that the new facilities will be a boon. “We have old currency notes that have been piling up. Now we can easily exchange them. Even if the amount halves, we will get something,” said a businessman Sangay Wangchuk, who has old notes worth almost Nu 5,000 received from customers.

Krishna Ghalley from Phuentsholing