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Indian Team to Meet Bankers Today

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Indian Team to Meet Bankers Today
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March 1: A team consisting of officials of Currency Administration and Regulatory Department of Reserve Bank of India is to meet representatives of Nepal Bankers Association regarding exchange of demonetized Indian banknote of Rs 500 and 1000 today.

According to Narayan Prasad Poudel, Spokesperson of Nepal Rastra Bank (NRB), the team of five arrived on morning of February 28. The team met with Bishma Raj Dhungana, Foreign Currency Department Head and Executive Director of NRB on Tuesday. Poudel said that the team will meet stakeholders of various sectors during their study on exchange of demonetized Indian banknotes.

As per the sources, the team took a brief interest on the system adopted by BFIs on money laundering and client identification with Dhungana who is also in the team formed by NRB for exchange of Indian banknotes. According to the committee, the team will meet with representatives of Nepal Bankers Association today. The source mentioned that the team will only study about the problems caused by demonization and will not decide about the exchange. It has been informed that decision about the exchange of banknotes will be made later based on the report of the team. 

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