Kathmandu, Oct. 4
Indian Finance Minister Nirmala Sitharaman has assured that the problem of the demonetized Indian currency notes in Nepal would be addressed.
In a meeting with Finance Minister Dr. Yuba Raj Khatiwada on Friday, she said that the issues of demonetized IC notes would be resolved with bilateral consensus between Nepal and India.
Finance Minister Dr. Khatiwada had urged Sitharaman to take initiation to exchange Rs. 50 million IC of 500 and 1000 denominations stuck in Nepal since the demonetization drive in India.
Prime Minister Narendra Modi had demonetized large denominations of Indian currency notes in his first tenure. The Indian government had claimed that the move was to discourage the black money in and out of the country.
Sitharaman also said that the Indian government was concerned to the projects developed in Nepal with Indian support, said Dr. Khatiwada’s Press Coordinator Yaman Poudyal.
Dr. Khatiwada had updated his counterpart about the status of Indian supported projects like Postal Highway and Integrated Check Posts in Nepal. He urged her to expedite the process to make equity investment from the Indian investors in Nepal Infrastructure bank.
He also informed Sitharaman that Nepal wanted to use the concessional loan provided by India for the post-quake reconstruction would also be used in infrastructure development.
Dr. Khatiwada also expected Indian support in reducing Nepal’s burgeoning trade deficit as the country’s two-thirds of trade happens with its southern neighbour.
The two finance ministers also discussed about the latest economic situation in Nepal, investment climate, economic reform initiatives and trade treaty.
Dr. Khatiwada is in New Delhi to participate in the World Economic Forum’s conference.
Published in The Rising Nepal daily on 5 October 2019.
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