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Banned Indian notes in Nepal’s financial system will be exchanged soon: Arun Jaitley

In his two-day visit to participate in the Nepal Investment Summit, Jaitley said that the scrapped Indian notes in Nepal's system will soon be exchanged

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Finance Minister of India, Arun Jaitley, wikimedia
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Kathmandu, March 2, 2017:  India’s Finance Minister Arun Jaitley on Friday said the currency notes scrapped by his country on November 8 last year but still in Nepal’s financial system will be exchanged soon.

Interacting with journalists here, Jaitley said he has not yet received a study report prepared by a two-member team of the Reserve Bank of India that visited Nepal to take stock of the situation in this regard.

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“It is our central bank’s autonomous decision,” he said.

Jaitley is in Kathmandu on a two-day visit to participate in the Nepal Investment Summit-2017.

Nepal has been repeatedly urging India to make arrangements to tackle the circulation of Rs 500 and Rs 1,000 notes demonetised by India. The RBI team visited Bhutan too for the purpose.

The Minister said the Nepal Rastra Bank (NRB) and the RBI are already in talks on the issue.

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“The banned currency will be exchanged but precaution should be taken to ensure that genuine transactions take place. I’m sure they will come out with a scheme (to provide exchange facility),” Jaitley said.

India’s Prime Minister Narendra Modi announced on November 8 that his government was withdrawing from that midnight the high-value currency notes from circulation to crack down on, what he said were, rampant corruption, counterfeit currency and terror funding.

Following the demonetisation decision, the NRB too banned the circulation of old Rs 500 and Rs 1,000 notes in Nepal from the very next day.

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Referring to the investment summit, the Minister said it will attract foreign investments in Nepal as well as boost commercial cooperation in South Asia as planned.

Jaitley paid courtesy calls on President Bidhya Devi Bhandari, Prime Minister Pushpa Kamal Dahal ‘Prachanda’, and Finance Minister Krishana Bahadur Mahara, among others, and reiterated India’s commitment to Nepal’s developmental endeavours. (IANS)

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Lok Sabha passes amendment bill on GST cess

Union Finance Minister Arun Jaitley said that change in the GST rates was a "natural" process and linked to the rise in tax collection.

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Lok Sabha passed the GST bill today
Lok Sabha passed the GST bill today

The Lok Sabha on Wednesday passed an amendment bill that seeks to replace an ordinance in which tax rates on motor vehicles was hiked to a maximum of 25 per cent under the Goods and Services Tax (GST) regime.

The House took up for discussion the GST (Compensation to States) Amendment Bill, 2017 amid din as the Congress and Trinamool Congress members raised slogans and banners protesting against union minister Anant Kumar Hegde’s “amend the Constitution” remarks.

 

The increase in cess for large cars and sports utility vehicles jumped from 15 per cent to 25 per cent.
The increase in cess for large cars and sports utility vehicles jumped from 15 per cent to 25 per cent.

Responding to the contention of opposition members who took part in the debate, Union Finance Minister Arun Jaitley said that change in the GST rates was a “natural” process and linked to the rise in tax collection.

The government had issued an ordinance in September to increase cess on motor vehicles,including large cars and sports utility vehicles, from 15 per cent to 25 per cent.

The Cabinet had earlier cleared the bill that seeks to replace the ordinance. IANS

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