Currency Banned in Nepal: New Indian 500 &2000 Notes banned
Currency Banned in Nepal: Napalese Citizens faces many problems in exchanging withdrawn Indian new notes of 500 and 2000. So on Thursday, Nepal banned the exchange of India’s new 500 & 2000 currency notes.
On Thursday, Nepal Rastra Bank banned the use of new Indian currency notes of 500 and 2000 saying them “Illegal and Unauthorised”. The 500 and 2000 new currency notes were issued by the Reserve Bank of India in recent days.
Currency Banned in Nepal
NRB spokesperson Narayan Poudal said that new currency notes which is issued by RBI are not legal in Nepal.
Narayan Poudel also said that this new currency of India is only legal in Nepal when India issues a FEMA notification.
However if India issue Foreign Exchange Management Act in Nepal then only the new currency notes of India will legal in Nepal.
India likes to issue FEMA notification allowing people of Nepal and India to have certain amount of Indian currency.
There was a ban in effect in Nepal till last year against the use of 500 and 1000 denominations notes.
But the authorities of Nepal had lifted this ban after the visit of PM. Shree Narendra Modi to Nepal.
Last year Nepal allows peoples to carry Indian Rupees of higher denominations up to Indian Rs 25,000.