RMA expected to release exchange of deposited demonetised INR

Royal Monetary Authority’s Governor, Dasho Penjore said Bhutanese companies and individuals are expected to get the exchange for their deposited demonetised INR notes by January end.

After India demonetised 1,000 and 500 notes in November, last year, over 27,000 account holders have deposited INR notes worth of Rs 1.68 B with the Bhutanese banks

Dasho Penjore said they are doing their best to resolve the issue as the earliest.

“…We have been using our Delhi embassy to approach the Government of India to expedite the process of approving the counter value to our depositors.”

He also said the Indian Ambassador to Bhutan has been keeping in touch with the Central Bank to follow up with GoI.

Dasho also added they should be able to resolve INR issues within January.

Currently, the Reserve Bank of India provides Rs 100 M to the Central Bank, every week.

 

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