KATHMANDU, March 27: A team of Reserve Bank of India (RBI) has left without making any decision on exchange of banned Indian Currency (IC) of Rs. 500 and Rs. 1000.
The team led by executive director of RBI, Dipali Pant Joshi returned to Delhi without making any agreement on the stagnant IC in Nepali market.
It was expected the decision would come from the officials of Nepal Rastra Bank (NRB) and the team of RBI after holding the high-level talks for solving the issue of IC.
Both side are rigid with their points regarding the issue, so concrete decision could not reached, said Chinta Mani Shiwakoti, Deputy Governor and the coordinator of the Nepali team.
Nepali team has demanded the exchange limit of IC should be Rs 25,000 whereas the RBI team are stuck with just Rs 4,500 per person.
"We did not like to ‘surrender’ accepting the RBI proposal. That is the reason we did not reach to any decision", said Shiwakoti. According to him, the procedure of the exchange was not that easy in the proposal forwarded by the RBI team.
Moreover, the RBI team gave till March-end for the exchange procedure, said Shiwakoti citing that it was not possible to accomplish the task within short period notice.
High-level efforts were made to solve the issue. On November 8, 2016, Indian Prime Minister Narendra Modi announced the demonetization of all IRs 500 and IRs 1000 to control the corruption and the money laundering. Immediately after the announcement, Nepal Rastra Bank banned the note cross the country.