• Welcome to OnlyTech community forums. If you are an existing member of our DreamDTH forums, please use the same login credentials to login here. Create a new account only if you are not registered at DreamDTH before. If you have trouble logging in, please let us know through the contact form.
  • Welcome to OnlyTech Forums
    An online community for the tech enthusiasts!
    Log in or Register

'RBI to Give Nepal 1 Billion Rupees in Rs 100 Notes to Ease Crisis'


21 Jun 2013
Reaction score
The RBI has agreed to provide rupees one billion in Rs 100 denomination notes to Nepal Rastra Bank (NRB) to ease the acute shortage of Rs 100 notes faced by the Himalayan nation, a media report said on Friday.

The NRB's plan to import INR 100 denomination notes was delayed due to the Indian government's move to demonetise INR 500 and INR 1,000 notes on November 8.

As RBI was under pressure to manage cash after the demonetisation, the central bank of India had told its Nepali counterpart that Nepal may have to wait till the situation normalises in India, The Himalayan Times reported.

But, RBI recently wrote to NRB that it will be able to provide INR one billion in INR 100 denomination notes, the paper said.

As RBI has agreed to provide INR one billion, NRB officials have said that the central bank is preparing to bring the amount within January.

After the demonetisation in India, NRB had also lowered exchange limit of Indian banknotes in Nepal. Currently, NRB is providing exchange facility of up to INR 2,000 on basis of citizenship identification.

Similarly, it is providing INR 10,000 to those who submit a copy of air or train ticket to travel to India and INR 25,000 for those travelling to India for medical check-up.

Janak Bahadur Adhikari, executive director of the Banking Office at NRB, said that the limit of INR exchange will not be reviewed until RBI is able to provide regular exchange facility.

RBI has been extending INR six billion exchange facility to Nepal every year (based on Indian fiscal year calendar) but this year Nepal is unlikely to get this facility due to the demonetisation, according to Adhikari.
"NRB has brought only INR 1.20 billion this year," he said.

Currently, NRB has around INR 3.5 billion in its coffers and after bringing another INR one billion, NRB will be able to provide exchange facility to Nepali and Indian nationals in Nepal for the next eight to nine months.

Hundreds of thousands of Nepalese, who earn a living by working as daily-wage labourers in India, visit the neighbouring country seeking medical treatment or rely on Indian markets to purchase daily essentials, were said to be holding big chunk of scrapped Indian bank notes.

The NRB had said in November that IRs 33.6 million in the denominations of 500 and 1,000 is within the financial system in Nepal. The figure included cash parked at vaults of banks, financial institutions and the NRB.

'RBI to Give Nepal 1 Billion Rupees in Rs 100 Notes to Ease Crisis' - News18
Thread starter Similar threads Forum Replies Date
Gobinaath Discussion Over Rs 68,600 cr loans of wilful defaulters, including Choksi, Mallya firms, written off: RBI General Topics 3
H RBI puts Yes Bank under moratorium, Update: Services to be resume on 18th March 2020 General Topics 39
R RBI puts restrictions on PMC Bank; customers can't withdraw more than Rs 1,000 from account General Topics 3
R Good News RBI extends KYC deadline for mobile wallets by 6 months General Topics 12
Bapun Raz Good News RBI to make NEFT available 24x7 from next year General Topics 23
Bapun Raz RBI now has a Complaint Management System to deal with complaints against commercial banks, urban cooperative banks, Non-Banking Financial Companies General Topics 0
somnath chakraborty RBI to Review Data Storage Rules for Payment Firms: Government General Topics 0
Bapun Raz Good News RBI scraps NEFT, RTGS transaction charges, banks to soon pass benefits to customers General Topics 6
Raviteja Breaking RBI Introduces New ₹ 20 banknote General Topics 13
SarfaRaZ Breaking RBI New Changes For All Banks W.e.f 1st June 2019 General Topics 15
E Good News Relief to e-wallets: RBI extends KYC compliance norms by six months General Topics 6
Bapun Raz RBI to introduce new 20 Rupees note in New Year General Topics 7
S Breaking Shaktikanta Das appointed new RBI Governor for 3 years General Topics 0
M Breaking Urjit Patel resigns as the RBI Governor General Topics 23
R Cash-on-delivery payment option for Flipkart, Amazon purchases could be illegal, RBI states in RTI response Online Shopping Discussions 0
R Good News RBI to introduce new violet-coloured Rs 100 note General Topics 29
R Capital First, IDFC Bank merger gets RBI nod, to be completed in 5 months General Topics 0
R Breaking RBI slaps Rs 40 lakh penalty on SBI General Topics 0
S RBI to stick to its April deadline for digital wallet interoperability General Topics 0
S All 14 types of Rs 10 coin valid, legal tender: RBI General Topics 16
Bapun Raz RBI announce policies for mobile wallet interoperability General Topics 0
H OTF Exclusive Reserve Bank Of India (RBI) to allow money transfer from One Mobile Wallet to Another soon. General Topics 1
R Note ban objectives met: FM Arun Jaitley on RBI annual report General Topics 0
S RBI sends second list of 26 defaulters to banks; Videocon, Jaiprakash Associates among non-payers General Topics 1
Gobinaath Good News RBI asks banks to enable account number portability .. General Topics 0
Similar threads

Top Bottom