Talks on IC swap facility in Nepal productive: India

- Post Report, NEW DELHI

Jan 20, 2017-

Amid the uncertainty over demonetised IC note exchange facility in Nepal, India has said recent negotiations between the two countries on the matter have been “productive”.

In a meeting with Indian Finance Minister Arun Jaitley on Tuesday, Foreign Minister Prakash Sharan Mahat raised the issue, urging India to resolve the issue as soon as possible. Jaitley is learnt to have assured Nepal of an arrangement soon.

In the weekly press briefing, Spokesperson at the Ministry of External Affairs Vikas Swarup said on Thursday that Nepal Rastra Bank has been in touch with the Reserve Bank of India.

“There was talk between the NRB and RBI on the matter on January 12, which has been very productive, and RBI will remain in touch with Nepal,” he said.

The central bank of India has said that Nepal’s banking system, including financial institutions and the NRB, has IRs33.6 million in the denominations of Rs500 and 1,000. But, actual stock of banned Indian bank notes is expected to be much more because Nepalis were previously allowed to carry demonetised notes worth up to IRs25,000.

Also, those living in areas bordering India usually keep Indian bills of larger denominations as they have to frequent Indian markets to buy goods. Nepali migrant workers also return from Indian cities and towns with IC notes.

Published: 20-01-2017 08:27

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