India proposes to provide exchange facility for up to IRs 4500

  • Demonetised Indian banknotes
BIBEK SUBEDI, Mar 26 2017

Officials of Reserve Bank of India (RBI) visiting Nepal to discuss on providing exchange facility to Nepali people holding demonetised Indian banknotes of 500 and 1000 denomination have proposed to allow the exchange facility up to IRs 4,500 per individual.

In a meeting held on Sunday morning with the Nepal Rastra Bank (NRB) officials, the Indian team offered exchange facility via formal banking channel for up to IRs 4,500 per person in demonetised banknotes. As per the Indian team proposal, individual possessing banned Indian bank bill will have to open account at banks and financial institutions and deposit the Indian currency before the NRB sends it to RBI for verification. After verification RBI would send back the equivalent currency in other denominations.

Although, the NRB officials agreed over the modality presented by the RBI, they didn’t agreed over the amount up to which exchange facility is given. “We asked them to provide exchange facility for up to IRs 25,000 in the banned denominations,” said Bhisma Raj Dhungana, head of foreign exchange department at NRB who participated in the meeting. “We told them it was the Indian government’s decision to allow Nepalis to hold up to IRs 25,000 and they should provide exchange facility up to that limit.”

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    Tashi Ghale was on Saturday elected as the president of Nepal Golf Association (NGA) for four years. Ghale was General Secretary at the previous committee lead by Madhukar Yakthuma. The NGA General Assembly also elected Pavitra Kumar Karki and Tilak Rai as vice-presidents, Chuda Bahadur Bhandari as General Secretary, Chandra Rai as Secretary and Kishan Kumar Agrawal as the treasurer. Among the members include Maj Narendra Kumar Rai, Deepak Acharya, Madan Rana, Maj LP Gurung, Maj MB Limbu, Deepak Magar and Bhuwan Gurung.

    Nepal Armed Police Force (APF) Club beat Jawalakhel Youth Club (JYC) 2-0 to enter the semi-finals of the Janak Cup football tournament on Saturday. Nabin Lama put APF ahead in the 23th minute through spot kick and Rajendra Rawal ensured their passage into the last four with another goal eight minutes after the break. Manang Marshyangdi Club will take on Himalayan Sherpa in the first semi-final on Sunday.

    Big-serving Canadian Milos Raonic made a strong return to competition on Friday, beating Viktor Troicki 6-3 7-5 to become the first player to reach the third round of the Miami Open.

    The third seed has been sidelined by a right leg injury that forced him to concede a walkover in the Delray Beach Open final last month and withdraw from the Mexican Open and the BNP Paribas Open.

    "I have to be very happy with just the outcome, that I was able to get the win today, that I have another chance to play in two days,” said world number five Raonic.

    Joining the Canadian into the third round were Spanish fifth seed Rafa Nadal and Japanese second seed Kei Nishikori.

    Nadal advanced past Israeli Dudi Sela 6-3 6-4, taking the critical second-set break in the seventh game, while Nishikori cut down towering South African Kevin Anderson 6-4 6-3.

    Raonic breezed through his opening set and led 3-1 in the second before Serbia's Troicki, who has reached the fourth round in Miami twice, battled back.

    World number 38 Troicki drew level at 5-5 before Raonic’s pressure helped him secure the deciding break.

    Raonic advanced to play American Jared Donaldson, a 6-4 6-4 winner against 28th seed Mischa Zverev of Germany.

    Raonic said he has been helped by the addition of former world number 69 Jesse Levine to his coaching support.

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    Philipp Kohlschreiber prevailed in a two-and-a-half hour battle with 19-year-old American Taylor Fritz 7-5 3-6 7-6(4), roaring back from a 5-2 deficit in the third set.

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