Nepal seeks mechanism for exchange of currency

Following the demonetisation of high-value Indian currency notes in November last year, Nepal yesterday sought a mechanism whereby such notes that were in circulation could be exchanged.Delivering a talk on “Nepal Today” organised by the Foreign Correspondents’ Club, Nepal’s ambassador to India Deep Kumar Upadhyay said that Nepal’s central bank and the Reserve Bank of India have held several rounds of discussion so that the old Indian Rs1,000 and Rs500 could be exchanged by Nepali citizens.Expressing hope that the issue would be resolved soon, he said the mostly people in Nepal’s mountainous regions and pensioners have been mostly affected by the demonetisation move.“I got many calls from the people in the mountains. I assured them that all your currency notes will be exchanged,” he said.He said that with the festive season around the corner, and with almost every Nepali family having a member in India, “a window” for the exchange of such currency notes should be created for Nepal.According to the ambassador, while Nepal sought Rs25,000 for each account Nepalis hold, India only offered Rs4,500 in exchange.