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INR Choas – Nepalese stuck in UAE face the demonetization heat

Nepalese stuck in UAE

Nepalese expatriates in UAE are worried about their family and friends who are stck in the crisi and are not able to return to their home.

The main reason is that those Nepalese people have Indian currency notes and they are not able to exchange their notes in any if the Indian embassies or the Nepalese ones.

The main route that they follow is through India  and the people who are living in the border between India and Nepal.

The men who are working in Saudi get salary and send the money back home. And the concern is that their families have only the Indian currency notes and the banks aren’t accepting any of these INR notes.

Many of the Nepalese family posses Indian currency and they trade in Indian currency but the people are in the fear of losing all their hard earned money now.

But the chaos is taking place because of the confusion between the reserve bank of India and Nepal central Bank.

Nepal bank is requesting the RBI for more time to exchange the demonetized currency notes. As Dec 30 is decided in India for the exchange, no such announcement has been made in Nepal, where INR is mostly used as the primary trading currency.

35 million Indian rupees of currency notes in the denomination of 500 and 1000 are there presently in Nepal. And people are facing problem in getting their money exchanged.

A person named Vijay said that he would often go to India to exchange his currency notes to Dirham’s, which he used in his work place in Dubai. He also added that the Indian currency notes are prevalent in Nepal.

The government of Nepal was even worried about people who find it difficult to make ends meet and how are they hamdling their lives in the chaos of this demonetization.

Yes the government of Nepal agrees on that fact that all the big shots who run business without paying taxes will be under scrutiny and fire.

But the people of Nepal ir the Nepal Diaspora are confident about the government of Nepal in combating the issue and coming up with a solution by holding discussions with the reserve bank of India.