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Demonetisation a complex issue, RBI and Nepal Rashtra Bank in talks to resolve it: FS

Press Trust of India  |  Kathmandu 

The central banks of and are discussing the "technical issues" related to return of demontised Indian currency notes, Vijay today said, hoping the apex banks of the two neighbouring countries would be able to resolve it.

made the remark during a press meet, a day after Nepalese K P urged his Indian counterpart to allow exchange of demonetised high-value Indian currency notes held by the country's banks and the general public at the earliest.

"Our Reserve and their Rashtra are having discussions on that. We must understand that it is a very complex issue and a lot of time has passed since demonetisation was announced in 2016 and it is 2018 now.

"There are some technical issues which only the central banks will be able to resolve. Talks are underway," he said.

According to the Nepal's national bank, the Rashtra (NRB), nearly 33.6 million Indian rupees in Rs 1,000 and Rs 500 banknotes -- which were junked overnight on November 8, 2016 -- but are currently in the

"I requested Modi Ji to facilitate the exchange of demonetised currency notes held in the and by general public, at the earliest," Oli had said yesterday at a joint press meet after their bilateral talks.

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

In March, Minister had announced that Nepal would soon get exchange facilities for the demonetised high-value Indian currency notes to ease difficulties faced by Nepalese citizens.

Jaitley, who was on a visit to Nepal, had said the NRB and the would set a modality for the exchange of demonetised currency notes soon and settle the related issues.

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

First Published: Sat, May 12 2018. 16:20 IST