The possibility of New Delhi accepting those notes is very low as the government has strongly opposed any fresh windows even for Indian citizens
No one exactly knows what will happen to a substantial quantity of demonetised currency notes which are floating in countries like Nepal, Bhutan, Bangladesh and Zimbabwe. The central government is yet to take a decision if it will be accepting them, even as the possibility remains slim.
Economic affairs secretary Subhash Garg, reportedly, told the Parliament’s standing committee on finance that some of the demonetised currency is yet to be returned and the Indian neighbours have raised their concerns with the government, reported The Times of India. The committee is preparing a report on the demonetisation and digitisation.
The possibility of New Delhi accepting those notes is very low as the government has strongly opposed any fresh windows even for Indian citizens. As 99.3 percent of the Rs 500 and Rs 1000 denomination currency is back into RBI’s coffers, the prospects get even slimmer.
The committee is looking forward to hearing other officials representing various government departments and institutes. According to the Times of India report, representatives of industry chambers, the ministry of corporate affairs and agencies like the Enforcement Directorate and the Directorate of Revenue Intelligence are going to speak with the committee.
Senior officials like—financial services secretary Rajiv Kumar, CBDT chairman Sushil Chandra and Subhash Garg —have also been asked to submit information critical for valuation of demonetisation.
Expectedly, Congress MPs in the committee have argued that demonetisation had an impact on brand India, whereas, BJP's Rajiv Chandrasekhar backed the move. The chairman of the committee Veerappa Moily noted that a draft report can be prepared as they wait for additional information from various departments and ministries.
