KATHMANDU, May 14: Police have arrested five persons for possessing banned Indian currency notes of Rs 500 and Rs 1000 denomination amounting to IRs 1,590,500.

A police squad from the Metropolitan Police Range (MPR), Kathmandu, raided Blue Moon Hotel in Thamel at 8 pm on Sunday night and arrested five people with the illegal Indian currency. 

According to DSP Hobindra Bogati, spokesperson for the MPR, Shambhu Pariyar, Santosh Thapa Magar, Rajendra Ghising, Dhandhwaj Tamang and, Ram Bikram Khadka were arrested from Blue Moon Hotel during the raid.

Officials at the police range informed Republica that the initial investigation into the case has revealed that the five people had hidden the illegal notes with them in their houses since the ban on Indian currency of more than Rs 100. 

“They seem to have collectively brought the money in bags from their houses to the hotel,” DSP Bogati said, “As per our initial investigation, they were in the hotel to exchange the notes for lesser value but their transaction failed.”

DSP Bogati said that the MPR had received a tip-off months ago. “A team of officials kept a close watch on the movement of the five people since Saturday,” he said, “We were trying to arrest the buyer of the notes too, but we failed.” 

He added that the MPR has already handed over the five arrested to the Department of Revenue Investigation in Pulchowk for further investigation. He claimed that the concerned authorities have already launched an investigation into the matter. The government has urged the people to use only IRs 100 in Nepal while restricting the use of high denomination currency notes since December 2018. 

The government has urged the people to refrain from keeping or carrying Indian banknotes higher than Rs 100 denomination as it has not legalized the Indian banknotes of Rs 200, Rs 500 and Rs 2000 denomination. The government's move came into effect after the Indian government demonetized Indian banknotes on November 8, 2016.

 
• police
 
• currency
 
• arrested
 
• Thamel