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Nepal's central bank bans use of Indian currency notes

Nepal's central bank bans use of Indian currency notes

Nepal’s central bank has announced the ban of Indian currency notes with denominations above Rs 100.

The Nepal Rastra Bank (NRB) on 20 Jan 2019 issued a circular for the institutions licensed by it notifying them about the ban.

Currently, only the notes with a denomination of Rs 100 and below are freely exchangeable in Nepal.

Under the new regulation, Nepali citizens cannot carry 200, 500, 2000 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.

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