No progress on demonetized Indian bank notes issue yet

Published On: January 11, 2019 07:28 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Jan 11: The long-drawn-out issue related to the exchange of Indian bank notes has not gained momentum yet, stated the Ministry of External Affairs of India.

Speaking during a weekly media briefing on Friday, Raveesh Kumar, spokesperson for the Ministry of External Affairs of India, said that the Indian government is in contact with the Nepal government regarding this issue.

Nepal Rastra Bank had sent a letter to Reserve Bank of India regarding the exchange of Indian bank notes few days back, said Raveesh Kumar, adding, “The officials of Reserve Bank of India are mulling this issue.”

The Nepal government has been putting forth this exchange issue with the southern neighbor since India imposed demonetization policy on November 8, 2016, banning 500 and 1000 Indian bank notes.

“This is a tough issue. What I can say is we are in contact with Nepal. We are working on it,” said Raveesh Kumar.

Nepal Rastra Bank (NRB) has 48 billion Indian rupees. According to Nar Bahadur Thapa, Chief of Investigation Department of Nepal Rastra Bank, the NRB has IR 48 billion of 500 and 1000 denominations.

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