Nepal and India are yet to decide upon how to exchange the notes which are estimated to be worth Rs 950 crore ($146 million) held by individuals and informal sectors after Prime Minister Narendra Modi’s shocking announcement in 2016 to ban 500 and 1,000 rupee notes.
When Modi announced demonetisation in November 2016, the aim was to flush out unaccounted wealth and hit the finances of terrorists suspected of using fake currency to fund operations. However, it also caught countries such as Nepal and Bhutan, where the Indian currency is widely used, off-guard.
“The Indian demonetisation has hurt Nepali nationals. I will raise this in my meetings with Indian leaders and request them to resolve the issue,” PM Oli told Nepali parliament late on Tuesday.
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