Kathmandu, November 22
India will take a final call on what to do with banned Indian currency notes of Rs 500 and Rs 1000 denominations, which are in Nepal, within this week itself.
A joint committee comprising India’s Ministry of External Affairs and Ministry of Finance is busy discussing the matter. India had constituted the committee under Additional Secretary at the finance ministry, A Tyagi, after Nepal Prime Minister Prachanda telephoned his Indian counterpart Narendra Modi and drew the latter’s attention towards the presence of (now) banned Indian currrency notes in Nepal. The Economic Times said the committee will hold its meeting on Tuesday as well.
According to officials, India is likely to monetise the banned notes but for that those with banned notes will have to fill up KYC forms. India has put a precondition that Nepal iteself should check whether such notes are genuine or counterfeit.
Nepal will also have to address India’s suspicion that this arrangement may be misused to make illegal money earned in India legal.
