Business Standard

2 arrested with banned Indian currency in Nepal

IANS  |  Kathmandu 

Police have arrested two people here for possessing banned Indian notes of Rs 500 and Rs 1,000 denomination amounting to 49,31,500 rupees.

Police arrested the two Nepali nationals on Wednesday and confiscated 5,451 banned Indian notes of Rs 500 denomination and 2,206 notes of Rs 1,000 denomination.

of Police Bishwa said the men cheated people and exchanged the scrapped saying the ban on these notes was going to be lifted after some time.

Pokharel said the men used to collect the money from the border areas and bring it to

Billions of demonetized Indian notes are lying in various Nepali banks and financial institutions for swapping. The in November 2016 demonetised high value Rs 500 and Rs 1,000 notes with an aim to curb black money.

has become safe haven for trafficking the banned notes from has repeatedly requested to make arrangements for exchange facilities but there has been no understanding on the issue so far.

The Central Banks of and held several rounds of meetings and communication in this regard but the issue has is yet to be settled.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 12 2018. 19:48 IST
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