RBI and NRB fail to sort out exchange facility of demonetized currency in Nepal

A two day meeting failed to meet any conclusion on the exchange facility of demonetized Indian currency in Nepal. RBI refused to budge from their stance of providing exchange facility of more than INR 4,500 per individual holding the banned notes. Nepal has proposed IR 25,000. The Indian side also differed on the exchange modality proposed by NRB. The RBI team wants to provide a two day notice and only five day window for collection of the banned notes. No decision was taken at the meeting.