Nepal to lift ban on Indian Rs 500, Rs 1,000 notes

Last Updated: Wednesday, December 7, 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 7, 2011 - 21:23

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