Some nations still have

old notes, exchange

unlikely
NEW DELHI:
The government is yet to take a decision on substantial quantities
of demonetised Indian currency floating around in countries like
Nepal, Bhutan, Bangladesh and Zimbabwe, the finance ministry
informed Parliament's finance standing committee on Thursday.

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Economic affairs secretary Subash Garg is understood to have

told the committee that some amounts of Indian currency
comprising the demonetised Rs 500 and Rs 1,000 notes were yet
to be returned. Some of India's neighbours where Indian currency
is in use have raised the matter with New Delhi.
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The possibility of older high-value denominations the

government did not specify the likely value held in these nations
being accepted is remote as the Centre has strongly opposed
opening fresh windows even for Indian citizens. With 99 per
cent of demonetised notes returned to banks, the prospect of more
deposits being accepted by Indian banks or the RBI is low.
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The discussion on demonetised currency still held abroad

provided an interesting twist to the deliberations of the
committee, which is preparing a report
on note ban and digitisation. The report, however, is likely to
take some more time in preparation as the committee has
sought additional information from several government
departments and agencies.
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Members said the committee needed to hear representatives of

industry chambers, the ministry of corporate affairs and agencies
like the Enforcement Directorate and the Directorate of Revenue
Intelligence. The MPs also sought information from senior officials
financial services secretary Rajiv Kumar, CBDT chairman
Sushil Chandra and Garg about the parameters on which the
outcomes of demonetisation should be evaluated.
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Congress MPs are understood to have argued

that demonetisation had adversely affected "brand India" while
others like Rajya Sabha member Rajiv Chandrasekhar backed
the measure.

Committee chair Veerappa Moily is understood to have noted

that while a draft report could be readied, more information on
the impact of demonetisation was needed. Ministries like
agriculture and commerce would be spoken to and some state
government views incorporated as well.
The officials who met the committee on Thursday iterated
that about Rs 16,000 crore of demonetised currency had not
returned to banks and that the cost of printing new currency
was about Rs 7,000 crore. Previously, the RBI had said it
was yet to complete the counting of
deposited demonetised notes.
Source: https://timesofindia.indiatimes.com/india/some-nations-
still-have-old-notes-exchange-unlikely/articleshow/61586300.cms
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