POKHARA, June 26: Entrepreneurs in Pokhara have called for the legalization of high-value Indian currency notes. They claim that Indian tourists visiting the tourist destinations in the region are facing difficulties due to the prohibition on the circulation of such notes.
During an interaction organized by the Pokhara Chamber of Commerce and Industry (PCCI) on the use of foreign currency and the associated problems, entrepreneurs highlighted the challenges arising from the absence of Indian high-value notes in tourist cities. Pawan Kumar Prajapati, the president of PCCI, emphasized the need to facilitate the circulation of Indian high-denomination notes, implement international electronic payment systems, and improve the management of Indian currency with local entrepreneurs. He stated, "Indian tourists coming to Nepal have been affected by the lack of circulation of high-value Indian notes. They are unable to spend as much as they would like to. Arrangements should be made to enable tourists to spend their money conveniently."
President Prajapati expressed the difficulties faced in financial transactions due to the non-circulation of Indian notes above the denomination of Rs 100 in Nepal. He noted that Indian citizens' ATM, Visa cards, and Mastercards have limited functionality in the country. He emphasized the importance of implementing digital payment systems for a satisfactory experience.
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Narayan Koirala, the outgoing president of PCCI, urged the Nepal Rastra Bank in Pokhara to initiate measures to manage the Indian notes held by households. Meanwhile, Senior Vice President Gokarna Karki requested entrepreneurs to minimize the use of high-value Indian notes.
Krishna Acharya, vice president of the Trekking Agencies Association of Nepal (TAAN) Gandaki, highlighted the challenge faced by foreign tourists while paying entry fees in US dollars for restricted areas in Nepal, as it can be difficult for them to obtain the required currency. He called for the swift organization of digital payment options.
Surya Roka, president of Nepal Bankers Association, Gandaki chapter, attributed the limitations on using high-value Indian notes to India's concerns about counterfeit notes entering the country through Nepal.
Arya Joshi, director of the Nepal Rastra Bank in Pokhara, explained that the circulation of Indian currency has increased due to the rising movement of Indian tourists and the establishment of casinos near the border. She suggested that the government should diplomatically engage with India to introduce larger currency notes and emphasized the potential reduction of issues related to Indian currency through the implementation of international electronic payment systems.
Director Joshi acknowledged that despite the knowledge that India does not print Indian notes larger than INR 100, such notes are still in circulation in Nepal. She also informed that the Nepal Rastra Bank is making preparations to introduce digital currency and manage electronic payment systems.
