Pokhara, Indian Tourist Hotspot, Calls for Legalizing High-Value Indian Notes

The tourism businessmen of Pokhara have requested the legalization of high-value Indian notes. During an interaction organized by the Pokhara Chamber of Commerce and Industry, the businessmen highlighted the difficulties faced by tourists due to the lack of circulation of these notes.

The event was held in response to complaints received by the Pokhara Chamber of Commerce and Industry regarding the trading of Indian notes above 100 rupees at a lower exchange rate than the prevailing rate. This issue has negatively impacted tourists, who are experiencing inconvenience as a result of the non-circulation of larger Indian notes.

During the program, Pawan Prajapati, the president of Pokhara Chamber of Commerce and Industry, called for measures to enable the circulation of Indian large notes. He emphasized the urgent implementation of an international electronic payment system and demanded better management of large Indian notes by the businessmen.

Highlighting the challenges faced by Indian tourists in Nepal due to the unavailability of higher denomination currency notes, he stressed the need to facilitate tourists to spend as per their requirements. He mentioned that Indian notes larger than 100 rupees are not widely accepted in Nepal, and Indian ATMs, Visa, and MasterCard services are also limited in their functionality.

Narayan Koirala, former president of Pokhara Chamber of Commerce and Industry, suggested that the National Bank take the lead in managing the Indian rupees held by households. Gokarna Karki, the Senior Vice President, advised businessmen to minimize the use of high-value Indian notes whenever possible.

Krishna Acharya, vice president of TAN Gandaki, highlighted the challenge of obtaining US dollars for fees required to access restricted areas in Nepal. He emphasized the need for expedited digital payment solutions. Arya Joshi, director of Nepal Rastra Bank Pokhara, attributed the scarcity of large Indian notes in Nepal to India’s preferences. He advocated for diplomatic efforts to introduce higher denomination currency.

Joshi further mentioned that the implementation of an international electronic payment system would alleviate the Indian notes predicament. Surya Roka, President of Nepal Bankers Association Gandaki, stated that India’s policies have hindered the use of high-value Indian notes, possibly due to concerns about counterfeit currency entering India through Nepal.