NC Vice President Proposes Ban on 500 and 1,000 Denomination Bank Notes to Curb Corruption and Illegal Transactions

Nepali Congress (NC) Vice President Dhanraj Gurung has proposed a ban on 500 and 1,000 denomination bank notes as a strategy to enhance economic governance. Speaking during a discussion on the Ministry of Youth and Sports' budget in the House of Representatives on Wednesday, Gurung emphasized that this measure could significantly reduce revenue leakage, corruption, and illegal transactions.

Gurung stated that eliminating these high-denomination notes would halt 80 percent of illegal transactions, control 80 percent of corruption, and reduce revenue leakage by 80 percent. "My proposal for economic governance is this: the government should be able to withdraw 500 and 1,000 bank notes. We need to quit now," he asserted. "If we quit 500 and 1,000 notes, 80 percent of illegal transactions will stop, 80 percent of corruption will be controlled, and 80 percent of revenue leakage will be controlled. The money that is under the ground and under the water will all surface out."

Gurung's proposal aims to bring hidden money into the formal economy, thereby enhancing transparency and accountability in financial transactions.