Indian FM Jaitley says Nepal will get exchange facilities for demonetized Indian notes

Published On: March 3, 2017 01:09 PM NPT By: Santosh Neupane  | @santyneupane

KATHMANDU, March 3: Indian Minister for Finance Arun Jaitley said that Nepal would get exchange facilities for the demonetized Indian currency notes of 1,000 and 500 denominations that are being legally held in Nepal.

Jaitley, who is in Kathmandu to attend the Nepal Investment Summit, told Nepali journalists on Friday morning that Nepal Rastra Bank and Indian Reserve Bank would set a modality of exchange soon and settle the related issues.

Minister Jaitley also said that India is committed to support Nepal in its aspirations for growth. He said that India is committed to link Nepal to the Indian economy by establishing connectivity in the areas of transmission lines, transportation infrastructures and extending its rail services.

Jaitley said that the BBIN (Bangladesh, Bhutan, India and Nepal) Initiative has started working in those areas for achieving the regional prosperity. He also expressed hope that Foreign Direct Investment from India would increase in Nepal in future as Nepal has been improving the environment for investment.

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