Nepal bans new Indian Rs500 and Rs2,000 notes
- Cigar-shaped asteroid Oumuamua came from another solar system: study
- Iran President Hassan Rouhani declares end of Islamic State
- Dr Reddy’s Visakhapatnam unit not cleared by USFDA even after EIR
- BSE asks algorithmic trading brokers to submit audit report
- Expect Thums Up to be $1 billion brand in 2 years: Coca-Cola India
Kathmandu: The Nepal Rastra Bank on Thursday banned the use of India’s new currency notes of Rs500 and Rs2,000 denomination, terming them “unauthorised and illegal”.
These two currency notes were issued by the Reserve Bank of India recently after old Rs500 and Rs1,000 denomination notes were withdrawn. Nepal Rastra Bank (NRB) has called the new currency notes “unauthorised and illegal”.
NRB spokesperson Narayan Poudel said these new currency notes are not yet legal in Nepal, according to Onlinekhabar.com. Poudel said these notes will be legal in Nepal only when India issues a FEMA notification as per the Foreign Exchange Management Act. India is likely to issue a FEMA notification, allowing people in Nepal and India to possess certain amount of Indian currency.
Earlier, a ban was in effect in Nepal till last year against the use of Rs500 and Rs1,000 denominations notes. Authorities had lifted this ban after the visit of Prime Minister Narendra Modi to Nepal. Nepal last year allowed people to carry Indian Rupees of higher denominations up to Indian Rs25,000. The Reserve Bank of India had formed a task force to ease currency exchange facility in Nepal for non-Indians who possess the now-defunct notes of Rs500 and Rs1,000 denominations.