The Reserve Bank of India has formed a task force to facilitate the exchange of banknotes in Nepal for residents who possess Indian currency in Rs 500 and Rs 1,000 denominations that were pulled out of circulation on November 8.
In a communication to the Nepal Rastra Bank, the Nepali central bank, the RBI said the task force will address the problems faced by residents of neighbouring countries like Nepal and Bhutan, where the circulation of the now-banned Indian notes is high.
About 33.6 mn Indian Rupees in denominations of the old Rs 500 and Rs 1,000 is in circulation within the Nepali financial system. The figure includes cash parked in vaults of banks and financial institutions and with NRB.
But the actual amount of the now-banned Indian bank notes is expected to be much more because Nepalis were previously allowed to carry Indian Rs 500 and Rs 1,000 bank notes worth up to a total of Indian Rs 25,000.
The Indian currency is freely exchangeable in Nepal.
After the ban, Nepali Prime Minister Pushpa Kamal Dahal ‘Prachanda’, finance minister Krishna Bahadur Mahara and NRB Governor Chiranjibi Nepal spoke with their respective Indian counterparts Narendra Modi, Arun Jaitley and Urjit Patel.
RBI chief Urjit Patel informed NRB Governor Chiranjibi that Indian govt will soon take steps.
Residents of the Nepal-India border faced the most post-demonetisation heat, so did, Nepali students in India, pilgrims and traders.
On Thursday, a Nepal parliamentary panel urged the Nepal government to facilitate the exchange of high-value Indian currency possessed by Nepalis.
Source:- Hindustan Times.
No comments:
Post a Comment