Nepal to lift ban on Indian Rs 500, Rs 1,000 notes
Last Updated: Wednesday, December 07, 2011, 21:23
  
New Delhi: Nepal is looking at the possibility of lifting the ban on use of Indian notes of denomination of Rs 500 and Rs 1,000.

The issue came up for discussion between India's Commerce Secretary Rahul Khullar and his Nepalese counterpart Purushottam Ojha here yesterday.

"The Nepalese side noted the possibility that notes of 500 and 1000 Indian rupee denomination may be rendered legitimate for use in Nepal," the minutes of the meeting said.

Nepal had banned use of Rs 500 over a decade ago in June 2000.

Nepalese workers in India have been facing difficulties in repatriating their hard-earned income to the neighbouring country owing to de-legitimisation of 500 and 1000 Indian currency and requested that the notes may be allowed for legitimate use in Nepal.

Indian side reiterated its concern regarding circulation of fake Indian currency notes through Nepal and its security implications thereof.

"Nepalese side informed that vigilance has been increased to see that such illegal activities are curtailed ... Indian side agreed that a strategy should be devised for detecting and punishing those involved in circulation of counterfeit currency," the minutes said.

The meeting of India-Nepal inter-governmental committee on trade, transit and cooperation to control unauthorised trade also discussed about export and registration of pharmaceuticals in the Himalayan state.

Indian side stated that Nepal has stopped registration of pharma manufacturing companies until further notice, as a result no new products can be registered and exported to Nepal.

PTI


First Published: Wednesday, December 07, 2011, 21:23


comments powered by Disqus