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Gold is mined in a primitive way in Nepal. The locals pan the gold from the river sediments in the banks of major rivers mainly Mahakali river, Jamari Gad, Chameliya River, Karnali River, Rapti River, Bheri River, Phagum Khola, Madi River, Kali Gandaki River, Marshyangdi river, Budhi Gandaki River and Sunkoshi River.
Old mine pits, adits, smelting places and other remnants of mine processing are found all over Nepal. Some villages are sometimes named after mineral names such as Taba Khani, Falam Khani, Shisa Khani or Sun Khani. Before 1951 (2007 BS) Nepal was an exporter of iron and copper to Tibet and cobalt to India.
From 1967 to 1975, the government pegged the Nepalese rupee against the Indian rupee, the US dollar and gold, starting at रु1.35 = ₹1, रु10.125 = US$1 and रु1 = 0.08777g gold. By the time the gold peg was removed in 1978, the exchange rate was रु1.39075 = ₹1, रु12.50 = $1 and रु1 = 0.0808408g gold. [2]
The mohar was the currency of the Kingdom of Nepal from the second half of the 17th century until 1932. Silver and gold mohars were issued, each subdivided into 128 dams. Copper dams were also issued, together with copper paisa worth 4 copper dams. The values of the copper, silver and gold coinages relative to one another were not fixed until 1903.
The economy of Nepal is a developing category and is largely dependent on agriculture and remittances. [6] Until the mid-20th century Nepal was an isolated pre-industrial society, which entered the modern era in 1951 without schools, hospitals, roads, telecommunications , electric power, industry, or civil service.
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The earliest coin minted in today's territory of Nepal was in Shakya Mahajanapada, along the India–Nepal border at around 500 BCE.Shakya coins were an example of a coin invented in the Indian subcontinent which continued to be used in Nepal alongside India for over 1500 years.
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