Bhutan always faced INR shortage while businesses across the border hesitate to accept the Bhutanese currency. However, the defendant did not have any prior criminal record. He paid Nu 1, to each person to open a bank account and paid another Nu 2, on receiving the ATM cards.
Four major trade points of Bhutan in Indo-Bhutan border at northern side of Dooars are linked with 4 trade gates of Bangladesh at southern side of Dooars in Indo-Bangladesh border.
Bhutan has now only until November 30 to trade their old notes with new ones. Section 18 states that an offence graded as value based, a felony of the third degree, if the value or the amounts involved in the crime exceed the total amount of the daily minimum national wage rate at the time of the crime for a period of thirty years or more.
Traders as far as Siliguri in West Bengal are travelling to bordering Bhutanese cities like Samtse, Gomtu to exchange currency with commission. According to him, around 10, Indians are indirect dependants of Bhutan Bangladesh trade at different levels.
Therefore, the court sentenced him to seven years in prison. India has agreed but with shorter notice. Sanjeev Kumar Gupta collected ngultrums from shopkeepers in India and deposited them in the accounts. Though a bilateral issue between the two neighbouring countries, thousands of Indian citizens, dependent on this trade, have become victims of the situation, reports The Economics Times.
Digg Sudden withdrawal of INR and notes by the Indian government has created ripples in Bhutanese trades and businesses as well. The court found Sanjeev Kumar Gupta guilty of a third degree felony.
The court ruled that as the transactions were between Indian and Bhutanese banks, the interest penalty would not apply to the defendant. The central bank has requested the government of India to put special arrangement place for notes exchange in Bhutan.
As per the Penal Code of Bhutan section 18 on valued based sentencing, he was guilty of third degree felony and he is liable to prison terms ranging between five to nine years.
He then sold the INR at two to eight percent above the exchange rate. The investigation estimated his monthly transaction amounted to INR 2. The court ruled that as the defendant had failed to attend the court hearings, which affected the trial process, and has been found guilty of illegally withdrawing INR, the bail money, Nu 0.
Sanjiv Kumar Gupta did not appear at court hearings after he was granted bail. The governor said they are collecting the list of people who have deposited more thanandand the companies who have deposited even higher.
Additionally, currency crisis in India has put cross border trade between Bhutan and Bangladesh under trouble. In the meantime, Indians are taking advantage of the Bhutanese citizens who are not aware where to exchange the old notes but are desperate in need of Indian rupees.
The court sentenced him in absentia on May Bhutan’s Indian Rupee Shortage: Macroeconomic Causes and Cures With over 74% of Bhutan’s trade taking place with India, ample holdings.
Thimphu, Jul Bhutan faces many challenges, including rupee shortage and national loans, King Jigme Khesar Namgyel Wangchuck has said as he asked the new government to address the key issues.
SILIGURI: Despite many restrictions imposed by Bhutan in utilization of Indian currency and extended helping hands of India, Bhutan’s Rupee reserve crisis following current account deficit is yet to get into a definite positive situation.
As a result, a subtle restriction on import of Indian goods. Bhutan always faced INR shortage while businesses across the border hesitate to accept the Bhutanese currency.
Additionally, currency crisis in India has put cross border trade between Bhutan and Bangladesh under trouble. The Rupee shortage has emerged as a major issue due to the recent increase in demand for Indian Rupees to meet transactions related to trade in goods, services and capital and financial transactions.
This is not surprising since Bhutan imports most of what it consumes from India, including. The ABI is in the process of collecting various views from its members on the exact nature of the INR shortage impact on Bhutan’s industrial sector. It has been learnt for example that Penden Cement’s sales have suffered due to demonetization.Download