Post-demonetisation, Nepal seeks mechanism for exchange of Indian currency

Following the demonetisation of high-value Indian cuurency notes in November last year, Nepal on Tuesday sought a mechanism whereby such notes that were in circulation could be exchanged.

Delivering a talk on "Nepal Today" organised by the Foreign Correspondents' Club here, Nepal's Ambassador to India Deep Kumar Upadhyay said that Nepal's central bank and the Reserve Bank of India have held several rounds of discussion have been held so that the old Indian Rs 1,000 and Rs 500 could be exchanged by Nepali citizens.

Expressing hope that the issue would be resolved soon, he said the mostly people in Nepal's mountainous regions and pensioners have been mostly affected by the demonetisation move.

"I got many calls from the people in the mountains. I assured them that all your currency notes will be exchanged," he said.

He said that with the festive season around the corner, and with almost every Nepali family having a member in India, "a window" for the exchange of such currency notes should be created for Nepal.

According to the Ambassador, while Nepal sought Rs 25,000 for each account Nepalis hold, India only offered Rs 4,500 in exchange.

--IANS

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