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Nepal bans Indian currency notes above Rs. 100

Nepal bans Indian currency notes above Rs. 100

India Blooms News Service | @indiablooms | 22 Jan 2019, 09:18 am

Kathmandu, Jan 22 (IBNS):  Nepal Rastra Bank, the central bank of the Himalayan nation, has issued a circular where it has prohibited Nepali travellers, banks and financial institutions from holding or carrying and trading Indian currency note above Rs. 100.

The circular said that Indian denominations of 200, 500 and 2,000 cannot be carried and used for trading in the country.

The move can hit Indian tourists who visit the nation where currency from the neighbouring country is widely used.

Under the new regulation, Nepali citizens cannot carry these denominations to countries other than India. Similarly, Nepalis are also not allowed to bring such notes from other countries. Indian notes of 100 or below, however, are allowed for trading and conversion, the bank’s circular reads, reported Kathmandu Post.

The newspaper report further said 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 overland Indian visitors’ survey showed that 1.2 million Indians came to Nepal through the surface route while 160,132 travelled via air. The average length of stay of Indian tourists coming overland was 5.8 days. Average expenditure per visitor was as much as Rs11,310, reported Kathmandu Post.

Nepal Rastra Bank (NRB) had earlier asked Reserve Bank of India (RBI) to manage an exchange facility of high-denomination Indian currency notes in Nepal, media reports said.

Additionally, the NRB had also requested the RBI to provide exchange facility of more than Rs 78 million Indian currency notes of INR 500 and INR 1,000 denominations that remain with Nepal's central bank after India demonetised the notes in 2016.

The 2016 demonetisation of Rs 500 and Rs 1,000 Indian currency notes adversely affected Nepal and large amount of the useless notes were stuck in the country. The Nepal government had said it would take up the matter with India.


 

Nepal bans Indian currency notes above Rs. 100

India Blooms News Service
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