Sleuths deployed from the Central Investigation Bureau (CIB) of Nepal Police on Wednesday arrested 10 persons in possession of demonitised Indian banknotes with face value of IRs 1.8 million from separate places of Kathmandu.
Sleuths deployed from the Central Investigation Bureau (CIB) of Nepal Police on Wednesday arrested 10 persons in possession of demonitised Indian banknotes with face value of IRs 1.8 million from separate places of Kathmandu Valley.
The suspects have been identified as Bimal Gurung, 34, of Kewalpur VDC-5, Dhading district, currently residing at Kalanki, KMC-13, Santosh Khatri, 32, of Nagarjun-12, Nawaraj Basnet, 44, of Prakashpur VDC-3 of Sunsari, presently living at Baneshwor, KMC-35, Rishi Giri, 44, of Nalang VDC-5, Dhading, currently residing at Naikap, Kaiya Chaudhary, 57, of Kailali, presently living at Dhangadhi-5, Raju Thapa, 43, of Salangghat VDC-5, Dhading, Rameshwor Chaudhary, 35, of Kolwi VDC-5 of Bara, Narendra Bahadur Bohara, 31, of Budhanilkantha, Kathmandu, Kumari Karki, 40, of Adighanga Village Council-5, Ramechhap and Kumar Karki, 42, of Umakunda Village Council-1, Ramechhap.
They were rounded up while they were making a plan to spread demonitised Indian currency in the Nepali market, according to a statement issued by the CIB on Friday.
Police said that they have confiscated the Indian currency in denomination of 500 and 1,000.
The accused have been produced before the Department of Revenue Investigation, Lalitpur, today itself for further action as the Foreign Exchange Act, 2019 (1962), the statement read.
The Indian government had demonitised IRs 500 and 1,000 notes in December last year as part of the crackdown on rampant corruption and counterfeit currency.
Following the Indian government’s decision, Nepalis have not been able to exchange them for legal tender currency.
During a meeting held in Nepal in March, officials from Reserve Bank of India had proposed to allow Nepalis to exchange demonitised Indian banknotes worth up to IRs 4, 500 per individual against Nepali demand of IRs25,000 per individual.
Nepal Rastra Bank has said that IRs78.5 million in denominations of 500 and 1,000 exists within the financial system in Nepal.
Smuggling of demonitised Indian 500 and 1000 rupee banknotes in Nepal has been on rife of late.
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