India Wants Nepal to Lift Ban on Use of 500, 1000 Rupee Notes

NEW DELHI (NNN-Bernama) -- India and Nepal has discussed the possibility of lifting the ban on use of Indian notes of denomination of 500 and 1,000 in the neighbouring country, Press Trust of India (PTI) reported.

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

"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.

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 has 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 has 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. -- NNN-BERNAMA