Bhutan requests India to facilitate exchange of old notes

By: | Published: March 10, 2017 10:49 PM

Royal Government of Bhutan has requested the Government of India to facilitate exchange of old series Indian bank notes in the possession of Royal Monetary Authority (RMA) of Bhutan.

Bhutan’s fifth king Jigme Khesar Namgyel Wangchuck. (Reuters)

Bhutan has “requested” India to facilitate exchange of the demonetised 500 and 1,000 rupee notes lying with its central bank, Parliament was informed today. The Royal Monetary Authority of Bhutan has approached the Reserve Bank of India regarding the demonetised notes being held by the banks and public in the Himalayan country.

“Royal Government of Bhutan has requested the Government of India to facilitate exchange of old series Indian bank notes in the possession of Royal Monetary Authority (RMA) of Bhutan,” Minister of State for Finance Arjun Ram Meghwal said in a written reply to the Lok Sabha.

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He said discussion on this subject has taken place between RBI and RMA, and the modalities for dealing with these specified bank notes are being worked out.

Indian currency is accepted for transactions in Bhutan. Since demonetisation of 500 and 1000 rupee notes in November 2016, the country is in touch with India regarding facilitation of collection and deposit of old notes.

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