Nepali rupees that have reached India are being illegally traded by re-importing them back into Nepal through various individuals.
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Despite regular arrests and legal action, there has been no significant reduction in illegal hundi trading in Parsa. Parsa Police data for the last three fiscal years shows that hundi trading continues to occur based on the number of people arrested and the amount seized.
Parsa Police claims that investigations and action are ongoing in cases related to hundi trading under the Banks and Financial Institutions Act, 2073. Most of the people arrested are porters who transport the money, but reaching the main gangs operating the transactions remains a challenge.
Nepali rupees that have reached India are re-imported into Nepal through various people and are traded illegally. They say that it is difficult to control such transactions due to the open border and the use of informal channels.
According to the data of the District Police Office, Parsa, 7 cases related to hundi trading were registered in the previous fiscal year. 11 people were arrested in those incidents and 62 lakh 81 thousand 500 rupees were seized.
In the last fiscal year, 9 people were arrested out of 8 cases registered. 66 lakh 74 thousand rupees were seized during that period. So far, 8 cases have been registered in the current fiscal year. 12 people have been arrested in these incidents and Rs 5,321,470 has been recovered, according to police data.
The number of cases and arrests related to hundi is almost the same every year. The amount recovered is also high, so it seems that despite efforts to control the illegal hundi business, it has not been able to be effectively stopped.
Parsa Police Spokesperson DSP Raju Karki says that surveillance and investigation will be made more effective to control illegal financial transactions that are misusing the open border.
