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RBI to give Nepal Rastra Bank Rs 1 bn in 100-rupee notes

After demonetisation in India, NRB had also lowered exchange limit of Indian banknotes

IANS  |  Kathmandu 

An image of RBI headquarters in Mumbai (Photo: Kamlesh Pednekar)
An image of RBI headquarters in Mumbai (Photo: Kamlesh Pednekar)

The Reserve Bank of (RBI) has agreed to provide Rs 1 billion to the Rastra Bank (NRB) after its request that the country was facing a shortage of INR 100 denomination banknotes.

The NRB's plan to import Rs 100 denomination notes was delayed due to the Indian government's move to demonetise Rs 500 and Rs 1,000 currency notes on November 8, according to a report in the Himalayan Times on Friday,.

The had earlier told the Nepali central bank to wait till the situation normalises post demontisation.

officials have now said that the central bank is preparing to bring the amount from within January.

After in India, the Rastra Bank had also lowered exchange limit of Indian banknotes in Nepal.

Currently, it is providing an exchange facility of up to Rs 2,000 on basis of citizenship identification.

Similarly, it is providing Rs 10,000 to those who submit a copy of air or train ticket to travel to and Rs 25,000 for those travelling to for medical check-up.

Janak Bahadur Adhikari, an official, said that the limit of Indian rupee exchange will not be reviewed until the is able to provide regular exchange facility.

The has been extending Rs 6 billion exchange facility to every year (based on Indian fiscal year calendar) but this year is unlikely to get this facility due to the move, said Adhikari.

"has brought only Rs 1.20 billion this year."

Currently, the has around Rs 3.5 billion in its coffers and after bringing another Rs 1 billion, will be able to provide exchange facility to Nepali and Indian nationals in for the next eight to nine months.

RBI to give Nepal Rastra Bank Rs 1 bn in 100-rupee notes

After demonetisation in India, NRB had also lowered exchange limit of Indian banknotes

After demonetisation in India, NRB had also lowered exchange limit of Indian banknotes
The Reserve Bank of (RBI) has agreed to provide Rs 1 billion to the Rastra Bank (NRB) after its request that the country was facing a shortage of INR 100 denomination banknotes.

The NRB's plan to import Rs 100 denomination notes was delayed due to the Indian government's move to demonetise Rs 500 and Rs 1,000 currency notes on November 8, according to a report in the Himalayan Times on Friday,.

The had earlier told the Nepali central bank to wait till the situation normalises post demontisation.

officials have now said that the central bank is preparing to bring the amount from within January.

After in India, the Rastra Bank had also lowered exchange limit of Indian banknotes in Nepal.

Currently, it is providing an exchange facility of up to Rs 2,000 on basis of citizenship identification.

Similarly, it is providing Rs 10,000 to those who submit a copy of air or train ticket to travel to and Rs 25,000 for those travelling to for medical check-up.

Janak Bahadur Adhikari, an official, said that the limit of Indian rupee exchange will not be reviewed until the is able to provide regular exchange facility.

The has been extending Rs 6 billion exchange facility to every year (based on Indian fiscal year calendar) but this year is unlikely to get this facility due to the move, said Adhikari.

"has brought only Rs 1.20 billion this year."

Currently, the has around Rs 3.5 billion in its coffers and after bringing another Rs 1 billion, will be able to provide exchange facility to Nepali and Indian nationals in for the next eight to nine months.

image
Business Standard
177 22

RBI to give Nepal Rastra Bank Rs 1 bn in 100-rupee notes

After demonetisation in India, NRB had also lowered exchange limit of Indian banknotes

The Reserve Bank of (RBI) has agreed to provide Rs 1 billion to the Rastra Bank (NRB) after its request that the country was facing a shortage of INR 100 denomination banknotes.

The NRB's plan to import Rs 100 denomination notes was delayed due to the Indian government's move to demonetise Rs 500 and Rs 1,000 currency notes on November 8, according to a report in the Himalayan Times on Friday,.

The had earlier told the Nepali central bank to wait till the situation normalises post demontisation.

officials have now said that the central bank is preparing to bring the amount from within January.

After in India, the Rastra Bank had also lowered exchange limit of Indian banknotes in Nepal.

Currently, it is providing an exchange facility of up to Rs 2,000 on basis of citizenship identification.

Similarly, it is providing Rs 10,000 to those who submit a copy of air or train ticket to travel to and Rs 25,000 for those travelling to for medical check-up.

Janak Bahadur Adhikari, an official, said that the limit of Indian rupee exchange will not be reviewed until the is able to provide regular exchange facility.

The has been extending Rs 6 billion exchange facility to every year (based on Indian fiscal year calendar) but this year is unlikely to get this facility due to the move, said Adhikari.

"has brought only Rs 1.20 billion this year."

Currently, the has around Rs 3.5 billion in its coffers and after bringing another Rs 1 billion, will be able to provide exchange facility to Nepali and Indian nationals in for the next eight to nine months.

image
Business Standard
177 22