India: Software is made by Nepal to exchange banned Indian notes
Nepal’s central bank says it is getting new software to facilitate the exchange of demonitised Indian notes in the country.
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The software was developed by NRB as India has not responded
to Nepali government’s proposal to provide exchange facility to Nepalis holding
Indian currency in the scrapped denominations.
“We have developed separate software to facilitate the
exchange of banned Indian bills and template of exchange modality has been sent
for approval from Reserve Bank of India,” NRB Deputy Governor Chintamani
Siwakoti said on Sunday.
During discussions with NRB, officials from RBI indicated it
would only allow exchange facilities for up to 25,000 Indian rupees to each
Nepali citizen.
The government claimed that demonetisation was an effort to
stop counterfeiting of the current banknotes allegedly used for funding
terrorism, as well as a crack down on black money in the country. The move was
described as an effort to reduce corruption, the use of drugs, and smuggling.
Many Nepali students, pilgrims, those who go for treatment
in India, traders and businessmen are facing the currency crunch.
“ But we have enough reserve of Indian 100 rupee bills, so
there is not much worry,” Siwakoti said.
Prime Minister Pushpa Kamal Dahal, Finance Minister Krishna
Bahadur Mahara and NRB Governor Chirinjivi Nepal spoke with their Indian
counterparts several times in the past.
Hundreds of thousands of Nepalis are holding big chunks of
scrapped Indian banknotes, including many who earn a living as daily wage
labourers in India.
The Indian government’s deadline to exchange the demonitised
notes elapses on December 30, 2016. Chances are that the Indian government
would allow Nepalese to deposit their notes in their bank accounts in Nepal
after bearers present their documents to prove the source of the currency. But
the window period will be short.
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