All Indian currency to be legal in Nepal, Bhutan soon

[jeypore]

Wow what did I just read what are inplecations on rupees ?

Implications would be fantastic globally, I wish more of this can be done. There are laundry list of benefits, but actual global rupee trading would happen, which would benefit Indian's and overseas business man...

 

[NEPALESE GURKHA]

Have been to Nepal and Indian currency is accepted in Tarai region already. Not sure about upper Nepal and Katmandu.

Indian curreny of 100 rs denomination is accepted in Kathmandu and other parts as well but note of 500 rs and 1000 rs is illegal. Carrying it may put you behind bars.

 

[fallstuff]

Instead you can buy stuffs in Indian border district with BD taka. BD taka is way too hot for Indians.

We all know what happened when India used to print BD currency back in 1974.

 

[SrNair]

Indian curreny of 100 rs denomination is accepted in Kathmandu and other parts as well but note of 500 rs and 1000 rs is illegal. Carrying it may put you behind bars.

Soon it will change

 

[NEPALESE GURKHA]

Soon it will change

Probably not because legalizing it means huge loss for Nepal Rastra Bank.

 

[Mr.UTurn]

Probably not because legalizing it means huge loss for Nepal Rastra Bank.

How So?

 

[NEPALESE GURKHA]

How So?

Fake Indian currency worth's 500 and 1000 is easy to carry, so when it comes to Nepal it enter into banking process via commercial banks and ends with Nepalese central Bank which uses it as Balance of payment tool with India here Indian central banks rejects the denomination which means national loss for Nepal.

 

[Mr.UTurn]

Fake Indian currency worth's 500 and 1000 is easy to carry, so when it comes to Nepal it enter into banking process via commercial banks and ends with Nepalese central Bank which uses it as Balance of payment tool with India here Indian central banks rejects the denomination which means national loss for Nepal.

Do not worry .... Ajit Doval has a tight grip on the issue and RBI will provide full technical support to Nepal. We had menace of Fake currency from BD , about 5-7 yrs ago but now its reduced quite a lot.

 

[NEPALESE GURKHA]

Do not worry .... Ajit Doval has a tight grip on the issue and RBI will provide full technical support to Nepal. We had menace of Fake currency from BD , about 5-7 yrs ago but now its reduced quite a lot.

Problem lies with Pakistan. They use multiple route to bring fake currency in unless Pakistan doesn't co-operate, Indian Currency cannot go Global not even in sub-continent.

 

[Mr.UTurn]

Problem lies with Pakistan. They use multiple route to bring fake currency in unless Pakistan doesn't co-operate, Indian Currency cannot go Global not even in sub-continent.

I know....look Pakistan has no such economic importance .... due to scale of manufacturing & logistics, you can get whatever Pak makes cheaper from India. They are suffering from Polio.... use that as an excuse and tighten Visa procedure like SL did....since you don't share a border, you will be quite insulated.

 

[Nova2]

Good looks like Rupee is heading for Internationalisation,though its too early to say anything for now because for that yo happen many steps have to be taken like removal of limits on foreign institutional investors in govt bond,etc. Which would take a long time,i guess.

We all know what happened when India used to print BD currency back in 1974.

Could you elobrate about it a bit?

 

[Prometheus]

Probably not because legalizing it means huge loss for Nepal Rastra Bank.

nepal already accepts Indian currency ...

 

[asad71]

Indian and Bhutanese currencies are already legal tender in both countries. India's SBI owns 25% stake in Bhutan's reserve bank.However,this will not be easy to implement in Nepal.

 

[fallstuff]

Good looks like Rupee is heading for Internationalisation,though its too early to say anything for now because for that yo happen many steps have to be taken like removal of limits on foreign institutional investors in govt bond,etc. Which would take a long time,i guess.

Could you elobrate about it a bit?

Mujib and his party was responsible for the famine of 1974. There were number causes for the famine, but blame ultimately lies with mujib.

India used to print all BD currency.
It was reported by Zia that truck load of goods was going across the border to India in 1974.

 

[Skull and Bones]

Problem lies with Pakistan. They use multiple route to bring fake currency in unless Pakistan doesn't co-operate, Indian Currency cannot go Global not even in sub-continent.

Isn't Pakistan got Visa upon entry privilege in Nepal?