Demonetisation affects Nepal, black marketing of banned notes rampant at border

November 21, 2016 21:18

The withdrawal of Indias Rs 500 and Rs 1,000 notes has led to Indian currency being illegally exchanged at a premium in towns and markets in the border areas of Nepal.

Nepalese citizens, who have been facing problems in exchanging the withdrawn notes held by them, are now grappling with the problem. A report from Bhairawa, a city close to Indias Uttar Pradesh state, said the activity was rampant and Indian nationals were allegedly involved in it.

The illegal exchange of Indian currency is becoming rampant in border districts such as Parsa, Banke, Nawalparasi, Kanchanpur and Rupandehi, according to reports.

Since Indian currency is widely accepted in Nepal, the country has been hit hard by the Indian governments demonetisation drive. Among the worst affected areas are the southern plains bordering India.

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