Do you still have old currency notes with you? Well, good news for you from RBI! You can still exchange your old currency notes up to Rs 4,500. Indians can now give Nepali national an amount of Rs 4,500. This new Indian proposal panicked Nepali citizens as they are having permit to possess Indian cash up to Rs 25,000. A RBI team under Pant Joshi has made certain agreement with Nepal Rastra Bank (NRB).
This meeting was held at Kathmandu with the governor of NRB and has agreed to provide exchange of INR 4,500. The exchange formalities will be completed within one week and the old currency notes can be exchanges by Nepali citizens. Nepali government is making arrangements to hold Rs 25,000 Indian currency which is totally legal in Nepal.
Nepali officials said that they can’t make exchange formalities completed in one week time and they may some more time. Nepali banks have to conduct inventory on Indian banned bills which Nepali citizens currently hold. However RBI has clarified that it will exchange the old Indian notes with Nepali banks immediately but RBI has put a condition that the exchange process should be done only through banking system.
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This new proposal is done to help the Nepalis who still hold old 500 and 1000 Indian notes. Nepali banks hold almost Rs33.6 million of Indian currency. Nepalis use Indian currency to buy foods, medical treatment and to purchase some other goods along Indian borders. Few reports reveal that the Nepalis may possess more amount than just Rs 25,000.