Indian currency notes of denomination higher than Rs.100 have been banned in Nepal, the Nepal Rashtra Bank (NRB) announced.
According to reports, the notes in the denominations of Rs.200, Rs. 500 and Rs.2000 have been declared as being “unauthorised and illegal” by the Nepalese national bank.
NRB spokesperson Narayan Poudel stated that these notes will be legalized once India issues a FEMA notification as per Foreign Exchange Management Act.
These notes have been in circulation in Nepalese markets for the past two years and this decision of the government of Nepal can affect Nepalese labourers working in India as well as Indian tourists visiting Nepal.
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today