33.6 million Rs 500 and Rs 1,000 IC banknotes in Nepali banks: NRB

Kathmandu / Nov 10: Nepal Rastra Bank (NRB), the central bank of the country, has stated there are around 33.6 million Indian currency notes of the Rs 500 and Rs 1000 denominations with the banks and the financial institutions across the country.

The NRB shared this information in response to a query after reports of increasing confusions surrounding the said Indian currency notes among the general public in the wake of the Indian government banning its currency notes of Rs 500 and Rs 1000 denomination started pouring in from different trading towns across the country.

NRB deputy governor Chintamani Siwakoti said the central bank is in consultations with the Ministry of Finance and the Ministry of Foreign Affairs, and through them, with the Indian authorities regarding this issue. He said the NRB has also written to the Reserve Bank of India (RBI) to discuss the fate of Indian currency of 1,000 and 500 denominations in use in Nepal.

The NRB spokesman Narayan Poudel had said on Wednesday that there is no big amount of these Indian currency notes with the banks and financial institutions, but it is estimated that the general public might be holding big amount of these Indian currency notes, though not in the banking system.

Effects of demonetisation of Indian Rs 500 and 1000 banknotes

In Nepalgunj, the recent ban on the transaction of Indian currency of Rs 500 and Rs 1000 by Indian government has affected local people, traders and businesspersons in various ways in some parts of the country including bordering areas.

The affected bordering areas and cities include Dhangadi and Biratnagar the most.

They have complained that they were in dilemma what to do with the Indian currency of Rs 500 and Rs 1000 they had after the ban.

A local resident of Dhangadhi Manoj Ojha, who just returned from Lucknow of India after his treatment said he was finding difficulties to follows ups on his treatment due to the ban.

On the other hand, Director of the Nepalgunj-based of Nepal Rastra Bank Guru Prasad Poudel said that they were waiting for direction by the government and the central office to initiate the process to exchange Indian currency of Rs 500 and Rs 1000 denomination. RSS