The increasing demand has also pushed the exchange rate of IRs 100 in Pokhara and other surrounding districts to Rs 163 from existing Rs 160.
“Traders are buying IC from Nepali migrant workers and Indian Army pensioners,” a source at Nepal Rastra Bank´s (NRB) Pokhara office told myrepublica.com. [break]
Baglung is one of the major source districts for migrant workers to India. The district is also home to a significant number of Indian Army pensioners. People involved in illegal transactions of IC are active in Baglung, the source added.
Traders in Pokhara also said the Birgunj-based businessmen were approaching them to buy IRs 100 at Rs 163. They said more than IRs 100,000 is being collected from Pokhara and other surrounding districts every day.
Indian nationals involved in illegal smuggling of goods have been collecting IC on a daily basis from hardware, electronics and grocery shops, according to businessmen. Some traders and groups in Birgunj are involved in movement of IC due to the shortage of Indian currency in one of the major trading hubs in the country.
Due to illegal movement of IC, banks that used to collect about IRs 600,000 a day are collecting only about IRs 100,000 a day. Officials of NRB´s Pokhara office said they were aware of illegal transaction of IC and said local administration should control illegal activities.
Police, however, said they were unaware of such activities and added that they would now look into the case seriously.
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