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Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel has said that bank notes of more than 500 Indian rupees cannot be operated in Nepal even if Nepal wants to.
In the Finance Committee's meeting on Friday, Finance Minister Paudel expressed the intention that India's consent is also needed to use Indian bank notes of higher denomination than 500 in Nepal.
Finance Minister Paudel said, 'By our decision alone, it is not possible to use 500 baht notes here . It's not easy because we have to send it to India again, there is no problem with smaller denomination notes.' In the
meeting, the parliamentarians raised the issue of high-rate Indian bank notes not being used in Nepal and the fact that more than 5,000 US dollars and 6,000,000 US dollars cannot be carried in Nepal, causing problems to tourists. In response to
, Finance Minister Paudel said that there is a system to bring goods up to 400,000 baht without customs declaration and up to 600,000 baht with customs declaration, adding that digital payments and transactions through QR have made it easier recently. Before India's demonetization in 2073, notes larger than 500 rupees were in circulation in Nepal. But after demonetization, India did not exchange the money in Nepal.
Finance Minister Paudal said that there is a need for the Banks and Financial Institutions Act, 2073 (Bafia) to be finalized by the committee soon. Let the Bafia Bill be passed by the committee soon. Let's discuss the level that demands discussion. It's not a hasty decision. But let's draw conclusions quickly,' he said. He said that the ministry is ready to provide all necessary support to finalize the bill as soon as possible.
The amendment proposal put forward by MPs Devendra Paudel and Amresh Kumar Singh on the Bafia Bill was discussed. MP Paudel said that credit policy should be adopted to facilitate investment through Bafia amendment.
Similarly, MP Singh suggested that in order to eliminate conflict of interest, bankers and businessmen should be separated, loans should be increased in the productive sector, loans should be made available to the general public by ending the situation where loans are only used by certain business houses, and cryptocurrency transactions should be brought within the scope of the law. At the
meeting, Executive Director of Nepal Rastra Bank Guruprasad Paudel said that loans of 56 billion have been disbursed to 19,60,000 borrowers. Similarly, he says that there are around 70 trillion deposits in the banking system. He said that the National Bank has given priority to sectoral loans including agriculture, energy, small and medium industries and is running a subsidized subsidy program targeting farmers and women.
This bill was registered in Parliament in March 2080. In the bill under consideration in the committee, there are issues such as giving legal recognition to the use of digital currency and digital banking, seeking clarity on the responsibilities of the people on the bank board of directors, and discouraging the trend of taking large loans from banks that own shares.
Similarly, this bill is considered to play an important role in making legal arrangements for the effective management and regulation of banks and financial institutions based on nationally and internationally developed financial systems, financial tools, financial security, and financial risk.
