Nepal Rastra Bank (NRB) has revised its foreign exchange regulations, officially permitting the use of Indian Rs 200 and Rs 500 banknotes in Nepal. Under the new provisions, Indian citizens can bring into Nepal, take out of the country, or exchange up to Indian Rs 25,000 per person in currently circulating currency, including Rs 200 and Rs 500 notes.
The central bank clarified that Indian Rs 500 and Rs 1,000 notes issued before November 9, 2016, remain prohibited.
The revised rules also allow Nepali citizens and foreign nationals, except Indians, to carry up to US$5,000 or its equivalent in foreign currency into or out of Nepal without a customs declaration. Amounts exceeding this limit must be declared and supported by the required documents.
NRB further stated that Nepali citizens are not allowed to carry Indian currency to or from countries other than India.
The central bank believes the updated provisions will ease travel for Indian visitors, remove confusion over currency movement and strengthen compliance with foreign exchange management and anti-money laundering regulations.
