E-Kantipur

KAKKARBHITTA, AUG 13 - Indian currency (IC) notes of Rs. 500 and Rs. 1,000 denomination are being illegally circulated in Jhapa.

There are 13 currency exchange counters in the district, and according to a police source, almost all of them are dealing in these banned notes. “They are purchasing these notes from traders who are doing a large volume of transactions” said the source.

Rabindra Sharma, superintendent of police and chief of Jhapa Police said that the  Revenue Investigation Office (RIO) was the only authority to take action against such traders. “The police are not showing interest to stop the practice as there is not any office of the RIO in the district, and they have to take them to Kathmandu at their own expenses,” said Sharma.

According to a trader, they are forced to use the banned notes as they are not getting an adequate amount of IC to carry out their transactions.

Meanwhile, traders are continuing illegal transactions of IC along the Nepal-India border as the banks are unable to provide adequate amounts of IC to them. This has made the general people pay a higher exchange rate to acquire them.

Markets of Kakkarbhitta, Bhadrapur, Birtamod and Charali of Jhapa are mainly witnessing black marketing of IC. Even the police and small retail shops in Kakkarbhitta are engaging in illegal transactions. According to a local, the traders are found waiting outside the branch office of Nepal Rastra Bank to have their transaction from very early in the morning.

They are charging a commission ranging from Rs. 40 to Rs. 50 in exchange of Rs. 1,000. The small retailers are also promoting their business on the basis of commission they charge from exchange counters and traders.

Kamal Thapa, officiating chief of Nepal Bank’s, Kakkarbhitta branch said the transactions could not be stopped despite forwarding letters to the District Administration Office and Nepal Police. He added that the branch was authorised to exchange only up to Rs. 300,000 daily. However, the traders staying outside the bank are doing transactions of millions of rupees daily.

Posted on: 2010-08-13 08:17

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