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2 arrested with banned Indian currency in Nepal

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Kathmandu, April 13 (UITV/IANS) - Nepal Police have arrested two people here for possessing banned Indian currency notes of Rs 500 and Rs 1,000 denomination amounting to 49,31,500 rupees.

Police arrested the two Nepali nationals on Wednesday and confiscated 5,451 banned Indian notes of Rs 500 denomination and 2,206 notes of Rs 1,000 denomination.

Senior Superintendent of Police Bishwa Raj Pokharel said the men cheated people and exchanged the scrapped currency saying the ban on these notes was going to be lifted after some time.

Pokharel said the men used to collect the money from the border areas and bring it to Kathmandu.

Billions of demonetized Indian currency notes are lying in various Nepali banks and financial institutions for swapping. The Indian government in November 2016 demonetised high value Rs 500 and Rs 1,000 notes with an aim to curb black money.

Nepal has become safe haven for trafficking the banned notes from India. Kathmandu has repeatedly requested New Delhi to make arrangements for exchange facilities but there has been no understanding on the issue so far.

The Central Banks of Nepal and India held several rounds of meetings and communication in this regard but the issue has is yet to be settled.