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Nepal has Rs 9.5 bn in demonetised Indian notes and doesn't know what to do

Indian currency is widely used by businesses and individuals in Nepal who keep their savings at homes in Indian bank notes

Reuters  |  Kathmandu 

Nepali Prime Minister K P Sharma Oli will press India to exchange millions of dollars held in Nepal in banned high-value Indian bank notes during a visit this week to improve ties with its large southern neighbour. Nepal and India have yet to agree on how to exchange old Indian bank notes estimated to be worth $146 million held by individuals and informal sectors after India's shock announcement in 2016 to ban 500 and 1,000 rupee bills. As of Thursday morning that would amount to Rs 9.49 billion in Indian currency. India said the move was aimed at flushing out unaccounted ...

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First Published: Thu, April 05 2018. 08:16 IST