Nepal Rastra Bank stops INR exchange

Nepal's central bank stopped all transactions and exchange of Indian currency notes of Rs 1,000 and Rs 500 denominations from Wednesday and requested RBI governor Urjit Patel to arrange exchange facilities for Nepalese holding banned Indian notes at the earliest.   Financial Astrology

"Presently we have Rs 33.6 million in old currency notes within the financial system in Nepal. The figure includes cash parked at vaults of banks, financial institutions," said and Nepal Rastra Bankgovernor Chiranjivi Nepal. He added that the actual stock could be considerably higher as Nepalese could previously carry Indian 500 and 1,000-rupee bank notes worth to Rs 25,000.Nifty Trading Tips 

RBI had earlier responded to NRB and said that it cannot make any move without getting a directive from the finance ministry.

"Nepalese rely on Indian currency and have huge stock of high denomination notes. Hundreds of Madhesis queue up at banks in neighbouring areas of Bihar to get their notes exchanged. They have even hired Indian people to stand in queues with their identity cards," Raxaul Industrial Association secretary Mahesh Agrawal told TOI.