Kathmandu, January 21: Nepal Rastra Bank has asked Nepali travelers, banks and financial institutions to stay away from holding or carrying and trading Indian bank notes higher than Rs 100.
Issuing a circular on Sunday, the central bank came up with such new regulation. Under this, Nepali citizens cannot carry the Indian denominations of 200, 500 and 2,000 to any country other than India..
Similarly, they are prohibited from bringing such notes from other countries.
On December 13, the Cabinet had decided to publish the notification in the Nepal Gazette not to allow people to carry Indian currency notes above 100 denominations in Nepal.
The Indian government, in a surprise move on November 8, 2016, pulled INR 500 and INR 1,000 out of circulation “to unearth unaccounted wealth and fight corruption”. Since then, the Nepal Rastra Bank has also banned those notes in Nepal.
The Indian government, on November 8, 2016, made a decision to pull INR500 and INR1,000 out of circulation in its move to “fight corruption”. Since then, the Nepal Rastra Bank has also banned those notes in Nepal with billions of Indian currency notes of 500 and 1000 still stuck in the country.
