Demonetisation

The Indian government on November 8, 2016 announced the ban on old 500 and 1,000 rupee notes to curb black money within the system.


Nepal’s financial institution is saddled with Rs 7 crore of demonetised Indian currency but India isn’t making “adjustments” to require back the notes, secretary of state Pradeep Kumar Gyawali said on Friday, hoping the scrapped notes would be accepted by its neighbour.

The Indian government on November 8, 2016 announced the ban on old 500 and 1,000 rupee notes to curb black money within the system. “Around INR 7 crore (demonetised currency) is deposited in our financial institution.

It went through the banking channel, I don’t know why India isn’t making adjustment (in the matter),” Gyawali said.

Demonetisation caught Bhutan and Nepal off guard where Indian currency is widely used. “We aren’t talking about the cash which was transacted through the informal channels but it had been through the banking channel. So i’m requesting the Indian side to believe this pending issue,” Gyawali said. Of the Rs 15.41 lakh crore worth Rs 500 and Rs 1,000 notes in circulation on November 8, 99.3 per cent or notes worth Rs 15.31 lakh crore have returned to the banking industry .

“It is upto India to require a choice . we’ve been requesting the Indian government for the past few years. We hope India will respond positively,” minister of finance Yuba Raj Khatiwada told PTI. The land-locked country depends on India for trade and supplies. Indian currency is widely utilized in Nepal for day-to-day transactions, especially within the border areas.

Leave a Reply

Your email address will not be published. Required fields are marked *