KATHMAMDU: Finance Minister Ram Sharan Mahat today left for New Delhi to formally extend an invitation to Indian Prime Minister Narendra Modi to attend an international donors’ conference scheduled for June 25 and discuss various other trade and banking related issues.

Minister Mahat, who left for the Indian capital at the invitation of Indian Finance Minister Arun Jaitley, is scheduled to meet Indian PM Modi on Thursday, says a press statement issued by the Ministry of Finance (MoF).

During the meeting, Minister Mahat will formally deliver Prime Minister Sushil Koirala’s invitation to Modi to attend the International Conference on Nepal’s Reconstruction, a donors’ meet being held with the theme ‘Towards Resilience’.

At the conference, the government will share the findings of the Post Disaster Needs Assessment (PDNA) and seek financial support from the international community to rebuild the country.

The government has also sought participation of other Indian ministers during the international conference, says the MoF statement.

During his stay in India, Minister Mahat, who is accompanied by Nepal Rastra Bank Deputy Governor Maha Prasad Adhikari, among others, will also hold discussions on the usage of $1 billion credit line

extended by India.

Also, request would be made to allow Nepal Rastra Bank (NRB) to export and import Indian bank notes of 500-rupee and 1,000-rupee denominations to and from India.

In January, India allowed individuals travelling from Nepal to India or from India to Nepal to carry Indian notes of 500-rupee and 1,000-rupee denominations after restricting it for around 14-and-a-half years.

Since then those travelling between the two countries have started carrying the notes of bigger denominations.

But NRB is still bringing in Indian bank notes of 100-rupeedenomination.Reserve Bank of India (RBI), the Indian central bank, currently allows NRB to import Indian banks notes of six billion (Rs 9.60 billion) per year. These notes are brought into the country in tranches of INR 600 million to INR one billion.

“If the RBI allows Nepal to bring in Indian bank notes of 500-rupee and 1,000-rupee denominations, we could bring in more cash at one time, which will lower our transportation cost,” a senior NRB official said.

Among others, request would also be made to ease the process of opening bank accounts for Nepalis staying in India and reduce or completely remove countervailing duties on various goods exported from Nepal to India.

Meanwhile, Minister Mahat today met with Indian Minister for External Affairs Sushma Swaraj at her residence. During the meeting, Mahat said that Nepal requires huge funds to start reconstruction works and was expecting generous contribution from India.

Minister Mahat will meet Indian Finance Minister Jaitley on Thursday. He is scheduled to return to Nepal on Friday.