India Not Making 'Adjustments' To Take Back Demonetised Currency: Nepal

Indian currency is widely used in Bhutan and Nepal. (Representational)

Kathmandu:

Dhaka’s Central Bank has Rs 7 crore of India’s demonetised currency, but New Delhi is not making “adjustments” to take it back, Nepal’s Foreign Minister Pradeep Kumar Gyawali said on Friday.

The Indian government on November 8, 2016 announced the ban on old Rs 500 and Rs 1,000 notes to curb black money in the system.

“Around INR 7 crore (demonetised currency) is deposited in our Central Bank. It went through the banking channel, I don’t know why India is not making adjustment (in the matter),” Mr Gyawali said.

Demonetisation caught Bhutan and Nepal off guard where Indian currency is widely used.

“We are not talking about the money which was transacted through the informal channels but it was through the banking channel. So I am requesting the Indian side to think about this pending issue,” Mr Gyawali said.

Of the Rs 15.41 lakh crore worth Rs 500 and Rs 1,000 notes in circulation on November 8, 99.3 per cent or notes worth Rs 15.31 lakh crore had returned to the banking system.

“It is upto India to take a decision. We have been requesting the Indian government for the past couple of years. We hope India will respond positively,” Finance Minister Yuba Raj Khatiwada told PTI.

The land-locked country depends on India for trade and supplies. Indian currency is widely used in Nepal for day-to-day transactions, especially in the border areas.

LEAVE A REPLY

Please enter your comment!
Please enter your name here