The Royal Monetary Authority (RMA) says the lien or the restriction on the withdrawals of Ngultrums in exchange for deposits of demonetized Indian Rupee notes of 500 and 1,000 denominations will be lifted from Monday, next week.
This comes more than five months after the RMA directed all banks in the country to freeze withdrawals of ngultrums against the deposits of the demonetized INR notes by Bhutanese individuals and companies.
In a notification posted on its website yesterday announcing the lift of the lien, the central bank says the ngultrum withdrawals for demonetized INR deposits will require all depositors to sign a letter of undertaking at the banks.
The depositors must also produce CID along with taxpayer number or business license number, where applicable.
However, the central bank says a few deposits are still under review by relevant authorities. “The lien on these deposits shall be lifted only upon clearance by the relevant authorities,” reads the RMA’s notification.
