Nepal Rastra Bank (NRB) Deputy Governor Chintamani Shiwakoti on Saturday expressed optimism that Prime Minister KP Sharma Oli’s India state visit would resolve the 17-month long issue of exchanging banned Indian currency with valid legal tender, The Kathmandu Post reports.
According to the report, many Nepalis wonder whether the bilateral talks during the Nepal PM’s visit would succeed in bringing relief to Nepalis possessing scrapped Indian denomination of Rs 500 and Rs 1,000.
PM Oli and his high-level delegation will visit India from April 6.
NRB has reiterated the issue of invalid Indian currency to Prime Minister Oli and Finance Minister Dr Yubaraj Khatiwada, Shiwakoti said.
NRB has repeatedly informed the Reserve Bank of India (RBI) to exchange banned old notes that Nepalis possess, but to no avail. The Indian government had earlier assured Nepal to exchange the invalid notes. The issue remains unresolved for almost 17 months.
NRB and RBI senior officials have held many rounds of talks as well as prepared reports on the demonetisation of Rs 500 and Rs 1,000 notes. The NRB has demanded India exchange new currency notes up to Rs 25,000 per person.
Sources here with knowledge about demonetised Indian currency say the probability of prioritising the issue of exchanging invalid Indian currency during Oli’s visit is slim. Indian officials remain silent on this issue, sources add.
Thousands of Nepalis saddled with banned Indian notes are anxious to exchange them with valid legal tender.