Nepali Ambassador to India Deep Kumar Upadhyay has said that Nepal and India are holding discussions on exchanging the banned Indian notes of 500 and 1,000 denominations held in Nepal and that a solution will be soon devised towards that end.

Speaking in a programme organised by New Delhi-based Foreign Correspondent Club in India on Friday, the ambassador said that Indian side has assured him of exchanging the old Indian notes in circulation in Nepal.

A government team that arrived in India on Thursday to discuss the issue presented a modality to the concerned Indian authority for replacing the IC notes in Nepal.

“After December 30, many people have called me expressing their worries whether the IC notes in Nepal will be exchanged or not. I am fully confident that the problem will be resolved,” said Ambassador Upadhyay. The deadline for exchanging old notes expired on December 30 in India.