Last year, the Nepal Rastra Bank had entrusted a Chinese company with printing the new banknotes, after the design was approved by the KP Sharma Oli-led cabinet.
After a hiatus of three decades, India-China border trade was resumed through Lipulekh pass in 1992. But the volumes were nowhere close to the earlier times, since the markets they served were now better connected with highways.
Sources indicate that the issue is with the timing. However, in the last few weeks certain irritants have appeared in ties, especially over Kathmandu’s claim on Lipulekh.
Against backdrop of Nepal registering protest over India-China trade announcement, ThePrint explains significance of Lipulekh Pass through prism of 1816 treaty, 1991 memorandum & 2019 map.
Latest irritant in India-Nepal ties comes days after Foreign Secy Vikram Misri’s visit to the country. Nepal PM K.P. Sharma Oli is expected to visit India on 16 September.
Kalapani-Lipulekh border issue is on the agenda as Harsh V. Shringla meets Nepalese PM & foreign minister. Visit comes amid pro-monarchy protests in Nepal.
In interview to ThePrint, Bishnu Rijal of Nepal Communist Party says entire Kalapani belongs to Nepal and that while China has agreed to talk on the issue, India hasn't.
Army chief General Naravane had earlier said Nepal was ratcheting up Lipulekh border issue at the behest of 'someone else', insinuating Chinese interference.
UCBs accounted for 1.8% of total industry credit in September 2025—down from 2.2% five yrs ago—showing that they are losing ground to faster PSU banks.
This is the game every nation is now learning to play. Some are finding new allies or seeing value among nations where they’d seen marginal interest. The starkest example is India & Europe.
And India as usual will turn a mole hill into a mountain and push Nepal further into China’s orbit. Nepal still remembers the blockade imposed on it during the 2015 earthquake which was only reversed due to international pressure on India. And that is when they started turning to China for assistance.
And India as usual will turn a mole hill into a mountain and push Nepal further into China’s orbit. Nepal still remembers the blockade imposed on it during the 2015 earthquake which was only reversed due to international pressure on India. And that is when they started turning to China for assistance.