Banking News – Nepali Congress lawmaker Arjun Narasingh KC has called for a ban on NPR 1,000 and 500 banknotes. Speaking in Parliament, he urged the government to take decisive action against corruption by prohibiting the use of these high-denomination notes.

KC referenced Nepal’s official placement on the Financial Action Task Force (FATF) grey list and its slight improvement in the Transparency International Corruption Perception Index. He emphasized the need for strong anti-corruption measures and urged the government to take effective steps.

He also demanded a serious parliamentary discussion on corruption control strategies, arguing that banning high-value currency notes could be a significant step in tackling illicit financial activities.

“The ban on NPR 1,000 and 500 notes is necessary to establish national and international credibility. Additionally, a powerful high-level judicial commission, chaired by a former Chief Justice, should be formed to conduct an impartial investigation into major corruption cases,” KC asserted.