1 Rupee

Nepal Rastra Bank was established in 1956, but the 1 Rupee denomination remained under the authority of the Ministry of Finance for years after — a jurisdictional quirk that meant low-value notes lagged behind the rest of the series in transitioning to full central bank issue. The P#12 sits in a transitional run printed by Thomas De La Rue during a period when Nepal was actively restructuring its monetary institutions following the introduction of the 1956 Nepal Rastra Bank Act.

De La Rue's contract for Nepalese currency in this period produced several closely related types, and the 1968–1970 date span reflects sequential issue rather than a redesign.