RMA opens coun­ters for INR

Bhutan Times - - Home - Staff Reporter

The Royal Mon­e­tary Au­thor­ity of Bhutan opened its ex­change-coun­ters at Thim­phu & Phuntshol­ing branch of­fice for fa­cil­i­tat­ing ex­change of Ngul­trum notes for In­dian Ru­pee (INR) notes, be­gin­ning with the fa­cil­ity for Bhutanese pro­ceed­ing on pil­grim­age to In­dia last Tues­day.

Any Bhutanese ci­ti­zen go­ing on pil­grim­age may, in per­son, avail INR from the RMA ex­change coun­ters in Thim­phu and RMA branch Of­fice in Phuntshol­ing up to a limit of Rs. 50,000/per­son on pro­duc­tion of per­sonal CID to the ex­change counter Tell­ers.

The gen­eral pub­lic may also note that the fa­cil­ity/ser­vice to be ex­tended by the RMA is to im­prove and sup­ple­ment the ex­change ser­vices al­ready be­ing ren­dered by the 5 com­mer­cial banks. Th­ese ini­tia­tives are to re-en­force the na­tional pol­icy of main­tain­ing one to one par­ity be­tween Ngul­trum and INR by mak­ing INR freely ac­ces­si­ble to the gen­eral pub­lic for all le­git­i­mate trans­ac­tions.

The re­quire­ment of INR earn­ers/ex­porters to de­posit INR earn­ings into the bank­ing sys­tem on time is also em­pha­sized.

Con­sid­er­ing the na­tional sig­nif­i­cance of the pol­icy and prac­tice, RMA re­quests the gen­eral pub­lic to re­frain from mis­us­ing or abus­ing the fa­cil­ity for per­sonal gains. Through the Fi­nan­cial In­tel­li­gence Unit (FIU) the RMA will be in­sti­tut­ing strin­gent mon­i­tor­ing and sur­veil­lance sys­tems and any per­son found in vi­o­la­tion of the law, i.e., of mis­us­ing the fa­cil­ity would be sub­ject to the penal­ties pre­scribed un­der the Sec­tion I, 10 (I) of Op­er­a­tional Guide­lines for In­dian Ru­pee Trans­ac­tions.

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