Finance Minister Arun Jaitley Friday announced that Nepal would soon get exchange facilities for the demonetised high-value Indian currency notes to ease difficulties faced by Nepalese citizens.
Mr. Jaitley, who is in Kathmandu on a two-day visit to attend the Nepal Investment Summit, said necessary steps have been taken to facilitate the exchange of demonetised currency as per Nepal’s request.
He said Nepal Rastra Bank and the Reserve Bank of India would set a modality of exchange soon and settle the related issues.
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. Nepal, a landlocked country, depends on India for trade.