The BJP government in India has imposed an 'economic emergency' is a fact that has found its best expression in Nepal prime minister's frantic telephone conversation with prime minister Narendra Modi. According to media reports, Nepal's prime minister Pushpa Kamal Dahal called his Indian counterpart Narendra Modi on Tuesday to find out how Nepalis could exchange Indian rupees they hold in the now banned denominations. The two countries share a long border and close cultural ties, and many Nepalis hold large amounts of cash in Indian rupees.
They have been left in the lurch after Modi's surprise announcement last week to withdraw the two largest denomination notes from circulation in a bid to tackle corruption and tax evasion.
Modi, who seeks to rid his country of black money, has been severe criticism from opposition leaders, particularly Arvind Kejriwal, Mamata Banarjee and Mayawati for causing 'profound hardships' to people through his demonetization step. Will he achieve his objective by overcoming resistance to his plan?
Although Pakistan's finance minister Ishaq Dar has rejected the rumours of likely demonetisation of currency notes in Pakistan, the question remains: How does the PML-N government look at black money challenge in Pakistan?