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Government to ban higher denomination Indian Currency notes in Nepal

- Sanjaya Lama, Kathmandu

Dec 13, 2018-

The government has decided to ban the use of high denomination Indian Currency notes and use only IRS 100 in Nepal from now onwards.

The government has called on the people to refrain from keeping or carrying Indian bank notes higher than 100 notes as the government has not legalised the Indian bank notes of denomination Rs 200, Rs 500 and Rs 2000, according to government’s spokesperson and Minister for Information and Communications Gokul Prasad Baskota

People have been using IC notes RS 200 and Rs 500 in the Nepali market.

Billions of Indian currency notes of Rs 500 and Rs 1000 have been still stuck in Nepal after the Indian government withdrew the notes from circulation in 2016 in a bid to curb tax evasion and black money.

A Cabinet meeting on Thursday decided to waive the loans of farmers, disbursed by public cooperatives. Around 7,000 farmers will be benefitted by the decision. The farmers had taken Rs 193.9 million in loan from public cooperatives.  The interests of the amount will be around Rs 1 billion.

The government has decided to send the ordinance brought to integrate police personnel into Nepal Police and province police to Civil Service Commission for discussion.

The government has also decided to implement the suggestions mentioned in the report of a task force formed to give suggestions on the demands raised by the Nepal Textile Industry Association.

Likewise, the meeting has approved temporary contract appointment of 167 persons to complete the project related to drinking water on time.

Billions of banned Indian currency in the 500 and 1000 denominations, within and outside the banking system in Nepal, were affected by demonitisation in India.

Published: 13-12-2018 20:02

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