After witnessing the transformation last month of the world's only Hindu kingdom into a republic on the seventh year of his autocratic reign, Gyanendra told a rare news conference he accepted the political course his nation has taken, Nepalnews.com reported.

He said would remain in the country, and rejected the idea he would amass money in foreign locations.

"Whatever property I own is in Nepal. I hope my right to keep property will be protected," he said, adding he had handed over his crown adorned with bird of paradise plumes and the royal scepter to the new government.

Gyanendra will now live in Nagarjuna palace, five miles outside Kathmandu, the Press Trust of India reported. The complex has a two-story bungalow and nine other small buildings.

Gyanendra will now be known as Mr. Shah, the BBC reported. His former Kathmandu palace will be come a museum.

"He (Gyanendra) spent most of the time trying to clarify himself on accusations on palace killings, and amassing of property. But he failed to fully grasp the political change," said a senior leader of the Maoist party, which leads the new government, Nepalnews.com reported.