Kathmandu. The Nepal-India Chamber of Commerce and Industry (NIKKEI) has welcomed the Government of Nepal and the Government of India for allowing the use of Indian currency notes of Rs 200 and Rs 500 denominations.

Stating that the decision reflects the spirit of strong cooperation and mutual understanding between the two neighbouring countries, the NCC said that it would contribute significantly to ease cross-border trade, tourism and people’s movement. According to the NCC, the availability of these notes is expected to facilitate financial transactions especially in border areas and major trading centers.

Welcoming the decision, Sunil KC, President of Nikkei said, “This step will play an important role in strengthening bilateral tourism. “The use of 200 and 500 rupee notes will make travel easier for Indian tourists visiting Nepal and will encourage more tourism flow between the two countries,” he said.

Minister for Communications and Information Technology, Jagadish Kharel, said that the decision was taken at the meeting of the Council of Ministers held on December 29. “This will be applicable to Nepalese and Indian citizens and only notes issued after November 9, 2016 will be accepted,” he said, adding that as per the recent decision of the government, Nepalese and Indian citizens can now carry or carry a maximum of Rs 25,000 in Indian currency notes of Rs 200 and Rs 500 denominations while crossing the border. ”

According to Nikkei, the policy will provide practical relief to Indian tourists as well as Nepali businesses engaged in tourism, hospitality, trade and related services. In addition, it is expected to promote overall economic activity by increasing transparency and ease in day-to-day transactions.

The team had informed about this problem during a meeting with Nepal Rastra Bank Governor Bishwanath Poudel on May 25. To which Governor Poudel gave a positive response. In this context, Nikki appreciated the active role of Nepal Rastra Bank and Governor Poudel.

The chamber also commended the coordinated efforts of the relevant authorities of both countries to address the long-term concerns of the business community. “These decisions make governments accountable to the needs of businesses, entrepreneurs and consumers on both sides of the border,” it said.

Reiterating its commitment to strengthening bilateral economic ties, Nikkei expressed confidence that continued cooperation between Nepal and India will further spur trade, investment and sustainable economic growth. The NCC is ready to collaborate closely with stakeholders on initiatives to further strengthen the Nepal-India economic partnership and ensure the effective implementation of the government’s new decisions.