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Published On: June 19, 2024 04:11 PM NPT By: Republica

NC Vice President Gurung proposes banning 500 and 1,000 rupee notes, claims move will curb revenue leakage by 80 percent

NC Vice President Gurung proposes banning 500 and 1,000 rupee notes, claims move will curb revenue leakage by 80 percent

KATHMANDU, June 19: Nepali Congress (NC) Vice President Dhanraj Gurung has proposed banning bank notes of 500 and 1,000 denominations to improve economic governance. Speaking during a discussion on the Ministry of Youth and Sports' budget in the House of Representatives on Wednesday, Gurung said that this measure could significantly curb revenue leakage, corruption, and illegal transactions.

Gurung said that banning these high-denomination notes would stop 80 percent of illegal transactions, control 80 percent of corruption, and reduce revenue leakage by 80 percent. "My proposal for economic governance is this: the government should be able to withdraw 500 and 1,000 bank notes. We need to quit now," he said, “If we quit 500 and 1,000 notes, 80 percent of illegal transactions will stop, 80 percent of corruption will be controlled, and 80 percent of revenue leakage will be controlled. The money that is under the ground and under the water will all surface out."

 

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