Nepal and Bhutan have approached India seeking a way out of the crisis situation created by the present demonetisation policy announced by India. The Indian currency is popularly used in both these countries and many of the citizens there have a large number of Rs 500 and Rs 1000 currency notes.
It is learnt that Nepal Prime Minister Pushpa Kamal Dahal Rs Prachanda’ had a telephonic conversation with his Indian counterpart Narendra Modi on the management of these high denomination notes in Nepal following the announcement on November 8. During their conversation Modi assured to sort out the issue.
last week Nepal Rashtra Bank (NRB) sought facilities from the Reserve Bank of India to exchange roughly Rs 33.6 million worth of high denomination Indian currency it has with it. Similarly, Bhutan Government has asked Indian Government to rush some Rs 100 notes to meet the current demand.
Ministry of External Affairs spokesperson Vikas Swarup on Thursday acknowledged both NRB and the Royal Monetary Authority of Bhutan are in touch with the RBI regarding facilitation of collection and deposit of Indian bank old series notes of Rs 500/- and Rs 1000/- denominations that are already in stock of the Central Banks, other banks/financial institutions and general public in Nepal and Bhutan under existing provisions.
“The matter has been raised by both the Governments of Nepal and Bhutan as well. The Government is considering the matter and the RBI will remain in touch with their counterparts in Nepal and Bhutan,” Swarup added.
Already one inter-Ministerial task force formed by the Government is looking into the currency issues relating to foreign nationals/tourists in India, NRIs/PIOs holding old series high denomination notes, and the diplomatic missions based in India. “Consultations are ongoing and as soon as we have concrete recommendations from the task force we will share with all stake holders,” Swarup said.