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Nepal apex bank announces ban on Indian currency notes

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Nepal, India, Indian currency, Demonetisation, Reserve Bank of India, Nepal Rastra Bank, Currency ban, Business news

Kathmandu: Nepal’s central bank has announced the ban of Indian currency notes with denominations above Rs 100.

The Nepal Rastra Bank (NRB) on Sunday issued a circular for the institutions licensed by it notifying them about the ban, international news agency reported. Nepal’s cabinet in December had decided to ban the use of these currency notes.

 

Nepal, India, Indian currency, Demonetisation, Reserve Bank of India, Nepal Rastra Bank, Currency ban, Business news

 

The decision to ban these notes has come a time when the NRB has requested the Reserve Bank of India (RBI) are questing the latter to allow Nepal to use currency notes with all denominations.

Currently, only the notes with a denomination of Rs 100 and below are freely exchangeable in Nepal. Earlier, the Nepal government has banned the use of Indian currency notes of Rs 2,000, Rs 500 and Rs 200 denominations, according to a media report.

 

Apex bank in Nepal announces ban of Indian currency notes:

 

The government has asked the people to refrain from keeping or carrying Indian bank notes higher than Rs 100 denomination as it has not legalised them, The Kathmandu Post quoted Minister for Information and Communications Gokul Prasad Baskota as saying.

The decision can affect Nepalese labourers working in India as well as Indian tourists visiting Nepal.

 

Nepal, India, Indian currency, Demonetisation, Reserve Bank of India, Nepal Rastra Bank, Currency ban, Business news

 

The Indian government introduced notes of Rs 2,000, Rs 500 and Rs 200 denominations after demonetisation in 2016.

People have been using new Indian currency notes in the Nepali market for nearly two years.

 

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Zomato acquires UberEats India for nearly Rs 2,500 crore

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New Delhi: Zomato on Tuesday announced that it has acquired Uber’s Food Delivery Business in India in an all-stock deal and Uber will have 9.99 per cent stake in the Deepinder Goyal-led food delivery platform.

According to sources close to the deal, it is in the range of over $350 million or nearly Rs 2,500 crore.

Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective from Tuesday.

“We are proud to have pioneered restaurant discovery and to have created a leading food delivery business across more than 500 cities in India. This acquisition significantly strengthens our position in the category,” said Goyal, Founder and CEO, Zomato.

According to company sources, for the first three quarters of 2019, “our Uber Eats business comprised 3 per cent of our global Eats gross bookings, but was more than 25 per cent of our global Eats Segment Adjusted EBITDA losses”.

Uber started its food delivery service in India around mid-2017, but has not been able to scale up in the face of big players like Zomato and Swiggy.

It currently has nearly 26,000 restuarants listed on its platform from over 40 cities.

The market is piping hot as according to a recent study by business consultancy firm Market Research Future, the online food ordering market in India is likely to grow at over 16 per cent annually to touch $17.02 billion by 2023.

Uber CEO Dara Khosrowshahi said that the Uber Eats team in India has achieved an incredible amount over the last two years.

“India remains an exceptionally important market to Uber and we will continue to invest in growing our local Rides business, which is already the clear category leader,” said Khosrowshahi.

“We have been very impressed by Zomato’s ability to grow rapidly in a capital-efficient manner and we wish them continued success,” he added.

On January 10, Zomato had announced that it has secured $150 million in fresh funding from Ant Financial, a subsidiary of China-based giant Alibaba.

The latest round of funding in Zomato, which currently value the company at $3 billion, is part of $600 million funding round announced by Zomato CEO Goyal at a Delhi event last December.

The deal comes in the wake of merger talks between Zomato and Swiggy, whoch both the companies have denied to date.

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