RSP lawmaker demands demonetizing old Rs 1,000, Rs 500 notes; NCP backs call

Ruling Rastriya Swatantra Party lawmaker Yagyamani Neupane has demanded that the government demonetize Rs 1,000 and Rs 500 notes.

Speaking at a House of Representatives meeting on Wednesday, MP Neupane said money earned through corruption must be brought into the banking system. He alleged that certain groups, using black money accumulated over the past 35 years by looting the country, were trying to mobilize against public opinion.

He argued that demonetization was necessary since such funds are said to be hidden in various places. He said the money hidden by the corrupt must be turned to ashes and that the conspiracy allegedly being carried out must be stopped right here.

MP Neupane suggested issuing new notes if necessary and learning from India's experience, recalling that India too had demonetized such notes.

Immediately after his proposal, Yuvaraj Dulal, chief whip of the opposition Nepal Communist Party (NCP), extended full support. Chief Whip Dulal demanded that the RSP-led government immediately ban the old Rs 1,000 and Rs 500 notes.

He declared that, if necessary, the NCP was ready to submit the signatures of all its federal parliament lawmakers that very day. Dulal questioned what was stopping the government from banning notes said to represent corrupt money.