Indian demonetized currency to be exchanged soon: Prime Minister Modi

Prime Minister Narendra Modi had demonetized the Rs. 1000 and Rs. 500 notes on November 8, 2017.

And now there have been requests to exchanges the demonetized notes.

PM Narendra Modi was urged by his Nepalian counterpart, KP Sharma Oli to allow an exchange of demonetised high-value Indian currency notes held by Nepal’s banks and the general public at the earliest.

According to Nepal’s national bank, the Nepal Rashtra Bank (NRB), nearly 33.6 million Indian rupees in Rs. 1,000 and Rs. 500 banknotes are currently in the Nepali banking channel.

“I requested Modi Ji to facilitate the exchange of demonetised currency notes held in the Nepali banking system and by the general public, at the earliest,” Oli said at a joint press meet after their bilateral talks.

PM Modi arrived in Nepal on Friday on a two-day state visit.

The landlocked country depends on India for trade and supplies.

The Indian currency is widely used in Nepal for day-to-day transactions, especially in the border areas.

Also, Nepalese citizens working in India send remittances to their families in Nepal in higher denomination notes.

In March, Finance Minister Arun Jaitley had announced that Nepal would soon get exchange facilities for the demonetised high-value Indian currency notes to ease difficulties faced by Nepalese citizens.

Jaitley, who was on a visit to Nepal, had said the NRB and the Reserve Bank of India would set a modality for the exchange of demonetised currency notes soon and settle the related issues.

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PM MODI IN NEPAL

Prime Minister Narendra Modi offered prayers at Nepal’s Muktinath Temple on Saturday, 12 May, as part of his trip to the country, making him the first world leader to do so. The temple is considered sacred for both Hindus and Muslims.

Issuing a joint statement with Nepali PM KP Oli on Friday, 11 May, Prime Minister Narendra Modi emphasised that “India stands shoulder-to-shoulder with the people of Nepal”.

Modi, who is on a two-day visit to Nepal, earlier met the country’s President and Vice President, and also addressed a civic reception in Janakpur.

This is the third visit of PM Modi to Nepal and the first high-level visit from India since the formation of the new government in Nepal this year.