Nepal introduces new rules on exchange facilities for Indian rupee

16:46, June 21, 2010      

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Nepal Rastra Bank (NRB) has introduced new rules related to exchange facilities for Indian rupee that, among others, has limited Indian rupee withdrawals from Automated Teller Machines (ATMs) in India by using electronic cards issued by Nepali banks.

According to Monday's report, the central bank officials said the new measures were aimed at checking illegal trading of Indian currency, particularly in bordering cities, and to ensure adequate supplies of Indian currency to those who are in real need.

According to the directives, individuals having ATM cards issued by Nepali financial institutions can now withdraw up to 200,000 Nepali rupees per month from the banks based in India. Earlier the limit was 25,000 rupees per day.

"We have noticed activities of hundreds of individuals, who deposit huge sum of Nepali rupees in Nepali banks and withdraw it from banks across the boarder to sell them at higher rates in Nepal," said an official of the central bank.

According to media reports, IC notes are being sold at as high as 165 Nepali rupee per 100 Indian rupee in the bordering cities of Nepal mainly after banks in the regions failed to supply Indian currency as per the demand. NRB has fixed 160 Nepali rupees for each 100 Indian rupees as an official exchange rate between the two currencies.



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