Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
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Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

            } else {
$response = object(Cake\Http\Response) {

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        LATEST NEWS UPDATES | Where Do Nepal and Bhutan Stand One Year After Demonetisation? -Devirupa Mitra    </title>
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While Nepal is still awaiting a way to return the banned notes, Bhutan has curbed the use of the new high-denomination notes.

New Delhi: When Prime Minister Narendra Modi announced that India would demonetise over 80% of its bank notes on..."/>
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While Nepal is still awaiting a way to return the banned notes, Bhutan has curbed the use of the new high-denomination notes.

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    <h1 class="cat-box-title">Where Do Nepal and Bhutan Stand One Year After Demonetisation? -Devirupa Mitra</h1>
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                            <div align="justify">-TheWire.in<br /><br /><em>While Nepal is still awaiting a way to return the banned notes, Bhutan has curbed the use of the new high-denomination notes.<br /><br />New Delhi: </em>When Prime Minister Narendra Modi announced that India would demonetise over 80% of its bank notes on November 8, 2016, two neighbouring nations were also taken by surprise.<br /><br />Nepal and Bhutan both have significant reserves and usage of Indian currency, with the latter giving it the status of legal tender within its borders.<br /><br />India&rsquo;s demonetisation announcement, therefore, caused disruption in Nepal and Bhutan&rsquo;s banking system for many months. Though Thimphu&rsquo;s demonetisation blues have relatively settled by now, Kathmandu is still awaiting a mechanism for returning crores of demonetised Indian rupees.<br /><br />Nepal: no facility to exchange demonetised notes<br /><br />Diplomatic sources said that while Nepal&rsquo;s central bank, Nepal Rashtra Bank (NRB), and the Reserve Bank of India (RBI) have been in close contact, even one year after the note ban they have not yet been able to agree on the facility for exchanging the demonetised Indian currency.<br /><br />In Nepal, there are two different holders of Indian currency: The first is the formal banking channels &ndash; NRB, Nepal-based banks and financial institutions; the second is, of course, ordinary Nepali nationals.<br /><br />Indian currency is not legal tender in Nepal, but is widely available and used in the Himalayan nation. At the time of demonetisation, Nepali (and Bhutanese) nationals could legally travel with upto Rs 25,000 in Rs 500 and Rs 1000 notes.<br /><br />Nepal&rsquo;s first reaction after the demonetisation announcement was to ban all transactions in Indian currency.<br /><br />With large a number of Gorkha pensioners and households dependent on remittances from India, there was palpable impact from the Indian government&rsquo;s demonetisation initiative.<br /><br />Nepal&rsquo;s southern border areas, where there is regular cross-border movement for jobs and trade, were hit the hardest.<br /><br />Analysts had claimed that the situation was more dire as there had been hoarding of Indian currency notes by border residents as a result of the &lsquo;blockade&rsquo; in 2015 that created black markets for fuel and essential commodities.<br /><br />Diplomatic sources stated that the main sticking point in discussions to devise a method for exchange was India&rsquo;s insistence that Nepal had to first provide an estimate of the total amount of demonetised Indian currency.<br /><br />Within two days of the announcement, Nepal had informed India that the total amount of Indian currency with NRB and other financial institutions was Rs 33.6 million (or Rs 3.36 crore).<br /><br />But, there is no such easy answer for the other hoard.<br /><br />Please <a href="https://thewire.in/195561/where-do-nepal-and-bhutan-stand-one-year-after-demonetisation/" title="https://thewire.in/195561/where-do-nepal-and-bhutan-stand-one-year-after-demonetisation/">click here</a> to read more.</div><div align="justify">&nbsp;</div>                                                           
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    <br><a href="https://thewire.in/195561/where-do-nepal-and-bhutan-stand-one-year-after-demonetisation/" class="re" target="_blank">TheWire.in, 9 November, 2017, https://thewire.in/195561/where-do-nepal-and-bhutan-stand-one-year-after-demonetisation/</a><div class="clear"></div>
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    <h1 class="cat-box-title">Where Do Nepal and Bhutan Stand One Year After Demonetisation? -Devirupa Mitra</h1>
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                            <div align="justify">-TheWire.in<br /><br /><em>While Nepal is still awaiting a way to return the banned notes, Bhutan has curbed the use of the new high-denomination notes.<br /><br />New Delhi: </em>When Prime Minister Narendra Modi announced that India would demonetise over 80% of its bank notes on November 8, 2016, two neighbouring nations were also taken by surprise.<br /><br />Nepal and Bhutan both have significant reserves and usage of Indian currency, with the latter giving it the status of legal tender within its borders.<br /><br />India&rsquo;s demonetisation announcement, therefore, caused disruption in Nepal and Bhutan&rsquo;s banking system for many months. Though Thimphu&rsquo;s demonetisation blues have relatively settled by now, Kathmandu is still awaiting a mechanism for returning crores of demonetised Indian rupees.<br /><br />Nepal: no facility to exchange demonetised notes<br /><br />Diplomatic sources said that while Nepal&rsquo;s central bank, Nepal Rashtra Bank (NRB), and the Reserve Bank of India (RBI) have been in close contact, even one year after the note ban they have not yet been able to agree on the facility for exchanging the demonetised Indian currency.<br /><br />In Nepal, there are two different holders of Indian currency: The first is the formal banking channels &ndash; NRB, Nepal-based banks and financial institutions; the second is, of course, ordinary Nepali nationals.<br /><br />Indian currency is not legal tender in Nepal, but is widely available and used in the Himalayan nation. At the time of demonetisation, Nepali (and Bhutanese) nationals could legally travel with upto Rs 25,000 in Rs 500 and Rs 1000 notes.<br /><br />Nepal&rsquo;s first reaction after the demonetisation announcement was to ban all transactions in Indian currency.<br /><br />With large a number of Gorkha pensioners and households dependent on remittances from India, there was palpable impact from the Indian government&rsquo;s demonetisation initiative.<br /><br />Nepal&rsquo;s southern border areas, where there is regular cross-border movement for jobs and trade, were hit the hardest.<br /><br />Analysts had claimed that the situation was more dire as there had been hoarding of Indian currency notes by border residents as a result of the &lsquo;blockade&rsquo; in 2015 that created black markets for fuel and essential commodities.<br /><br />Diplomatic sources stated that the main sticking point in discussions to devise a method for exchange was India&rsquo;s insistence that Nepal had to first provide an estimate of the total amount of demonetised Indian currency.<br /><br />Within two days of the announcement, Nepal had informed India that the total amount of Indian currency with NRB and other financial institutions was Rs 33.6 million (or Rs 3.36 crore).<br /><br />But, there is no such easy answer for the other hoard.<br /><br />Please <a href="https://thewire.in/195561/where-do-nepal-and-bhutan-stand-one-year-after-demonetisation/" title="https://thewire.in/195561/where-do-nepal-and-bhutan-stand-one-year-after-demonetisation/">click here</a> to read more.</div><div align="justify">&nbsp;</div>                                                           
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    <br><a href="https://thewire.in/195561/where-do-nepal-and-bhutan-stand-one-year-after-demonetisation/" class="re" target="_blank">TheWire.in, 9 November, 2017, https://thewire.in/195561/where-do-nepal-and-bhutan-stand-one-year-after-demonetisation/</a><div class="clear"></div>
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-TheWire.in

While Nepal is still awaiting a way to return the banned notes, Bhutan has curbed the use of the new high-denomination notes.

New Delhi: When Prime Minister Narendra Modi announced that India would demonetise over 80% of its bank notes on..." />
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    <h1 class="cat-box-title">Where Do Nepal and Bhutan Stand One Year After Demonetisation? -Devirupa Mitra</h1>
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                            <div align="justify">-TheWire.in<br /><br /><em>While Nepal is still awaiting a way to return the banned notes, Bhutan has curbed the use of the new high-denomination notes.<br /><br />New Delhi: </em>When Prime Minister Narendra Modi announced that India would demonetise over 80% of its bank notes on November 8, 2016, two neighbouring nations were also taken by surprise.<br /><br />Nepal and Bhutan both have significant reserves and usage of Indian currency, with the latter giving it the status of legal tender within its borders.<br /><br />India&rsquo;s demonetisation announcement, therefore, caused disruption in Nepal and Bhutan&rsquo;s banking system for many months. Though Thimphu&rsquo;s demonetisation blues have relatively settled by now, Kathmandu is still awaiting a mechanism for returning crores of demonetised Indian rupees.<br /><br />Nepal: no facility to exchange demonetised notes<br /><br />Diplomatic sources said that while Nepal&rsquo;s central bank, Nepal Rashtra Bank (NRB), and the Reserve Bank of India (RBI) have been in close contact, even one year after the note ban they have not yet been able to agree on the facility for exchanging the demonetised Indian currency.<br /><br />In Nepal, there are two different holders of Indian currency: The first is the formal banking channels &ndash; NRB, Nepal-based banks and financial institutions; the second is, of course, ordinary Nepali nationals.<br /><br />Indian currency is not legal tender in Nepal, but is widely available and used in the Himalayan nation. At the time of demonetisation, Nepali (and Bhutanese) nationals could legally travel with upto Rs 25,000 in Rs 500 and Rs 1000 notes.<br /><br />Nepal&rsquo;s first reaction after the demonetisation announcement was to ban all transactions in Indian currency.<br /><br />With large a number of Gorkha pensioners and households dependent on remittances from India, there was palpable impact from the Indian government&rsquo;s demonetisation initiative.<br /><br />Nepal&rsquo;s southern border areas, where there is regular cross-border movement for jobs and trade, were hit the hardest.<br /><br />Analysts had claimed that the situation was more dire as there had been hoarding of Indian currency notes by border residents as a result of the &lsquo;blockade&rsquo; in 2015 that created black markets for fuel and essential commodities.<br /><br />Diplomatic sources stated that the main sticking point in discussions to devise a method for exchange was India&rsquo;s insistence that Nepal had to first provide an estimate of the total amount of demonetised Indian currency.<br /><br />Within two days of the announcement, Nepal had informed India that the total amount of Indian currency with NRB and other financial institutions was Rs 33.6 million (or Rs 3.36 crore).<br /><br />But, there is no such easy answer for the other hoard.<br /><br />Please <a href="https://thewire.in/195561/where-do-nepal-and-bhutan-stand-one-year-after-demonetisation/" title="https://thewire.in/195561/where-do-nepal-and-bhutan-stand-one-year-after-demonetisation/">click here</a> to read more.</div><div align="justify">&nbsp;</div>                                                           
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Where Do Nepal and Bhutan Stand One Year After Demonetisation? -Devirupa Mitra

Published on Nov 11, 2017   Modified on Nov 11, 2017

-TheWire.in While Nepal is still awaiting a way to return the banned notes, Bhutan has curbed the use of the new high-denomination notes. New Delhi: When Prime Minister Narendra Modi announced that India would demonetise over 80% of its bank notes on November 8, 2016, two neighbouring nations were also taken by surprise. Nepal and Bhutan both have significant reserves and usage of Indian currency, with the latter giving it the status of legal tender within its borders. India’s demonetisation announcement, therefore, caused disruption in Nepal and Bhutan’s banking system for many months. Though Thimphu’s demonetisation blues have relatively settled by now, Kathmandu is still awaiting a mechanism for returning crores of demonetised Indian rupees. Nepal: no facility to exchange demonetised notes Diplomatic sources said that while Nepal’s central bank, Nepal Rashtra Bank (NRB), and the Reserve Bank of India (RBI) have been in close contact, even one year after the note ban they have not yet been able to agree on the facility for exchanging the demonetised Indian currency. In Nepal, there are two different holders of Indian currency: The first is the formal banking channels – NRB, Nepal-based banks and financial institutions; the second is, of course, ordinary Nepali nationals. Indian currency is not legal tender in Nepal, but is widely available and used in the Himalayan nation. At the time of demonetisation, Nepali (and Bhutanese) nationals could legally travel with upto Rs 25,000 in Rs 500 and Rs 1000 notes. Nepal’s first reaction after the demonetisation announcement was to ban all transactions in Indian currency. With large a number of Gorkha pensioners and households dependent on remittances from India, there was palpable impact from the Indian government’s demonetisation initiative. Nepal’s southern border areas, where there is regular cross-border movement for jobs and trade, were hit the hardest. Analysts had claimed that the situation was more dire as there had been hoarding of Indian currency notes by border residents as a result of the ‘blockade’ in 2015 that created black markets for fuel and essential commodities. Diplomatic sources stated that the main sticking point in discussions to devise a method for exchange was India’s insistence that Nepal had to first provide an estimate of the total amount of demonetised Indian currency. Within two days of the announcement, Nepal had informed India that the total amount of Indian currency with NRB and other financial institutions was Rs 33.6 million (or Rs 3.36 crore). But, there is no such easy answer for the other hoard. Please click here to read more.

TheWire.in, 9 November, 2017, https://thewire.in/195561/where-do-nepal-and-bhutan-stand-one-year-after-demonetisation/

Tagged with: Note Ban Currency demonetisation Demonetisation Nepal Bhutan

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