Nepal Bans New Indian Currency Notes: Know About It

The Logical Indian

November 25th, 2016 / 12:50 PM

Nepal Bans New Indian Currency Notes

Source: The Hindu | Image Courtesy: Daily World | The Hindu

India’s new currency notes of Rs 500 and Rs 2,000 denomination have been banned for use by the Nepal Rastra Bank. After the old Rs 500 and Rs 1,000 denomination notes were withdrawn, and new notes issued by the Reserve Bank of India, Nepal Rastra Bank has called the new currency notes “unauthorised and illegal”.

Narayan Poudel, a spokesperson of NRB said that the new currency notes are not yet valid in Nepal, as reported by Onlinekhabar.com. These notes will be valid in Nepal only when India issues a notification as per the Foreign Exchange Management Act, Mr Poudel said.

India issuing a FEMA notification will ease the minds of people in Nepal as well as India to exchange a certain amount of Indian currency. Previously, Nepal banned the use of Rs 500 and Rs 1,000  notes till 2015. The ban was lifted after Prime Minister Narendra Modi’s visit to Nepal.

Nepal allowed for people to carry Indian currency of higher denomination of up to Rs 25,000. RBI formed a panel to ease the process of currency exchange for non-Indians with devalued notes, living in Nepal.


Contributors

Edited by :

Share your thoughts..

Related Stories

Medical Council Of India Bans 82 Colleges From Admitting New Students; Over 10000 Seats Scrapped

Rajasthan Ordinance

Rajasthan’s New Ordinance Bans Media From Naming Public Servant In Reports Without Prior Permission

RBI Has Not Printed Any Rs 2000 Notes For 5 Months, To Focus On Rs 200 Notes Instead

Fake Notes

After Fake Notes, Notes Without Serial Number Found Dispensed From MP ATM. And A New Fake Note Racket In Bangladesh

Gandhi ji Image Missing

Gandhi ji’s Image Missing In Rs 2000 Notes, Bank Says Currency Not Fake

Bhutanese Currency

Bhutanese Currency, Paper Notes Being Used As Legal Tender In Assam And Mizoram

Latest on The Logical Indian

News

Amidst Severe Debt Burden, Punjab Govt To Purchase 400 Luxury Cars For Ministers, Officials

News

Police Officer Thrashed By BJP Councillor At A Restaurant, Incident Captured In CCTV Camera

News

Universities To Lose Affiliation If They Retain Students’ Original Documents During Admission: UGC

Get Inspired

Indian-American Woman Honoured With Presidential Award By White House For Her Work Against Human Trafficking

News

Amritsar Train Tragedy: Punjab CM Orders Magisterial Inquiry Into The Accident Which Killed Over 60

News

Areas Surrounding Siang River Alerted Of Flash Floods After Formation Of Artificial Lake In Tibet

x

Stories that deserve attention, delivered to your inbox!

Handpicked, newsworthy stories which deserve the attention of a rational generation.