Kathmandu, Mar. 26: India
Sunday said that it would only accept the exchange of 4,500 Indian Rupees per
Nepalese citizen against the demand of Nepal Rastra Bank, 25,000 INR.
During a bilateral
meeting with the central bank officials at Baluwatar, representatives of
Reserve Bank of India (RBI) informed that the Indian monetary regulatory had
decided to exchange only 4,500 INR per person in Nepal.
As the central bank
stuck to its earlier demand that the southern neighbour should accept up to Rs.
25,000 per individual, the meeting ended without any conclusion.
According to the NRB
officials, they urged the Indian delegates to raise the ceiling of the money to
be exchanged in Nepal.
The meeting will
continue on Monday morning.
Narendra Modi's
government had demonetized bank notes of INR 1,000 and 500 denominations on
November 9, 2016, apparently to curb money laundering and black money.
Following the decision
of the Indian government, the NRB had stopped accepting the demonetized Indian
currency from November 10 last year.
According to the
central bank, there is INR 33.6 million cash in the Nepalese banks and
financial institutions. However, it is estimated that there is billions of
Indian rupees with the common people and businessmen in Nepal.
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