Central Bank Urges RBI to exchange Banned Indian Currency

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Central Bank Urges RBI to exchange Banned Indian Currency

January 7: Nepal Rastra Bank (NRB) has once again urged the Reserve Bank of India (RBI) to exchange the Indian currencies which were in circulation in Nepal before the Indian government imposed a ban on those notes. The central bank wrote a letter to the RBI on Friday under the instruction from the Ministry of Finance.

The Foreign Exchange Department of NRB said that it has urged the RBI to exchange the banned Indian currency which has gathered dust in Nepal since a long time.

According to the central bank, the banking sector of Nepal has a stock of Indian currencies of 500 and 1000 denominations worth Rs 60 million which have remained unused since the Indian government imposed a ban on the notes some two years ago.

The department chief Bhisma Raj Dhungana informed New Business Age that the Reserve Bank of India has ignored the request of NRB time and again to exchange the notes.

The central bank is expecting some positive response this time.

 

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