Private Sector calls for facilitating circulation of INR 500 and 2,000 note in Nepal


March 25, 2022


Private Sector calls for facilitating circulation of INR 500 and 2,000 note in Nepal

KATHMANDU: The private sector has demanded the government to facilitate the circulation of the bills of INR 500 and 2,000 in Nepal.

The suggestion came from the private sector in a meeting convened by the Finance Committee under the Federal Parliament to seek suggestions for the budget for the coming fiscal year 2022/23.

Speaking at the parliamentary committee’s meeting Sandeep Agrawal, central member of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and chairman of the tax and revenue committee of the federation, said that the trade of INR 500 and 2,000 notes should be legalized in Nepal for the convenience of Indian tourists.

“For the convenience of Indian tourists in Nepal,  the provisions to let them use debit and credit cards easily here can increase their inflow here, in addition to it the government should facilitate the circulation of INR 500 and 2000 bills in the market as the tourists carry INR 500 and INR 2,000 notes in their pockets,” he said.

FNCCI also suggested addressing issues such as removing or reducing service charges in the tourism sector, giving full income tax exemption to agriculture, and allowing every Nepali to register assets at zero rates.

The Finance Committee discussed with the private sector for suggestions for the budget of the coming fiscal year and also to address their demands, complaints, and problems.

Nepal Chamber of Commerce Chairman Rajendra Malla also pointed out that the country would benefit if 500 and 2,000 Indian Rupee notes were allowed to circulate in Nepal.