KATHMANDU, December 26:
Indian officials at various border points will soon stop confiscating Indian currencies of 500 and 1,000 denominations being brought into Nepal from India.
An agreement to this regard was reached during the two-day Nepal-India commerce secretary-level meeting that concluded in Kathmandu on Sunday.
“India has agreed to make necessary arrangements soon to prevent confiscation of Indian currencies of 500 and 1,000 denominations worth up to IRs 25,000 being brought into Nepal by individuals such as Indian tourists and Nepalis working in India,” joint secretary at the Ministry of Commerce and Supplies Jib Raj Koirala said.
However, this facility does not mean individuals carrying Indian notes of 500 and 1,000 denominations will be allowed to bring those currencies into Nepal, Koirala said. “This provision only allows individuals carrying up to IRs 25,000 in 500 and
1,000 denominations to exchange those currencies into denominations of IRs 100 or other foreign currencies at designated money exchange counters at the Indian side of the border,” Koirala informed.
Issuing a regulation on Export and Import of Currency in May 2000, the Indian government had banned individuals from carrying Indian notes of 500 and 1,000 denominations from India to Nepal or from Nepal to India.
India had introduced the provision to curb circulation of counterfeit Indian currencies and unauthorised trade. However, this provision has caused inconvenience to Indian tourists coming to Nepal and Nepalis working in India who come home during vacation.
Keeping this in regard, Nepal, during home secretary-level talks in June, had asked India to allow individuals coming to Nepal from India or those leaving Nepal for India to carry certain amount of Indian currencies of 500 and 1,000 denominations.
At that time the Indian government had agreed to allow imports of up to IRs 25,000 in 500 and 1,000 denominations from India to Nepal and exports of similar amount of currency from Nepal to India.
But since nothing transpired after the meeting, the issue was again raised during commerce secretary-level talks.
“Indian commerce secretary has agreed to take the matter to the concerned authority so that the issue could be addressed immediately,” Koirala said.
Nepal Rastra Bank, meanwhile, has said it will soon request the government to pave the way for individuals coming to Nepal from India or those leaving Nepal for India to carry certain amount of Indian currencies of 500 and 1,000 denominations. “We will soon write a letter to the Home Ministry requesting it to talk to its Indian counterpart on partially lifting the ban on exports and imports of Indian notes of bigger denominations as per the deal reached in June,” a high-ranking NRB official said.
Source: THT
No comments:
Post a Comment