Exchange of Rs 4,500 in old Notes Allowed in Nepal

The Reserve Bank of India (RBI) will allow exchange of up to Rs 4,500 in banned Indian currency notes to each Nepali national, a visiting team of the Indian central bank here hinted on Sunday. The Indian proposal has sent waves of nervousness among the Nepali public as India had earlier allowed Nepali citizens to possess up to Indian Rs 25,000 each. 

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An RBI team led by Dipali Pant Joshi, executive director, RBI, held talks with a Nepali team, led by Nepal Rastra Bank (NRB) Deputy Governor Chintamani Siwakoti, in Kathmandu and offered to provide exchange facilities up to INR 4,500 in banned Indian currency notes and gave one week's window to complete the exchange formalities. 

However, the Nepali side has been pushing to arrange facilities up to Indian Rs 25,000 which was earlier allowed to a Nepali citizen to hold legally. If the Indian side remains adamant over the decision, many people who possess banned Indian rupee notes would suffer badly. 

After both sides stated their respective positions, the next meeting has been scheduled for Monday, said officials at Nepal Rastra Bank, the central bank of Nepal.