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Limit On Withdrawal Of Indian Currency
BY KTM Metro Reporter
June 22, 2010: the Central Bank of Nepal called Nepal Rastra Bank has imposed the limit on taking out Indian currency to 200,000 per month from Automated Teller Machines (ATMs) in India to the Nepalese commercial banks. Previously the limit was 25,000 per day. It indicates that the Central bank of Nepal has committed yet another mistake in financial management in Nepal after the mistake of delimiting the loans the commercial bank can provide the property developers.
The limit on cash withdrawal of Indian currency will certainly adversely affect the trade business. So, the Central bank should not have imposed the limit on taking out Indian currency no matter what excuse the bank has had.
The bank has already hit the property development delimiting the loans commercial banks can provide the property developers in Nepal.
Thus, the Madhav government has clearly shown that it is for putting brakes on the development activities.
