Latest News

  • Home
  • Global
  • Nepal’s central bank bans use of India’s Rs 2,000, Rs 500, Rs 200 notes
Nepal’s central bank bans use of India’s Rs 2,000, Rs 500, Rs 200 notes
21 January 2019 IST
Nepal’s central bank bans use of India’s Rs 2,000, Rs 500, Rs 200 notes

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.

 
 

Nepal’s central bank has banned the use of Indian currency notes of Rs 2,000, Rs 500 and Rs 200 denominations, a move that could affect Indian tourists visiting the Himalayan nation where Indian currency is widely used.
 
Nepal Rastra Bank on Sunday issued a circular prohibiting Nepali travellers, banks and financial institutions from holding or carrying and trading Indian bank notes higher than Rs 100, the Kathmandu Post reported. The central bank said in its circular letter that Indian currency of 200, 500 and 2,000 denominations cannot be carried and used for trading, it said,
 
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.
 
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 ban has been criticised by travel traders and entrepreneurs, saying that it would hurt the country’s burgeoning tourism at a time when the government has announced ‘Visit Nepal’ campaign with an objective to draw at least 2 million tourists in 2020.
 
Since a majority of Indians come to Nepal over land from bordering towns, it is difficult for them to convert their currency to dollar or Euro, they said.

 
 

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 Rs 11,310, the paper said.
 
The Indian government introduced new banknotes of Rs 2,000, Rs 500 and Rs 200 denominations after the demonetisation of old notes worth Rs 500 and 1,000 in 2016. However, the move hit countries such as Nepal and Bhutan where Indian currency is widely used.
 
Nepal Premier K P Sharma Oli said earlier this year that demonetisation hurt the Nepalese people and added that he would raise the matter with Indian leaders. People have been using the new Indian currency in Nepal for nearly two years now.
 

 
 
 
 
 

Related Topics

 
 
 

Trending News & Articles

 Article
'Worse than prison': A rare look inside China's detention camps to 'brainwash' Muslims

ALMATY: Hour upon hour, day upon day, Omir Bekali and other detainees in far western China's new indoctrination camps had to disavow the...

Recently posted . 178K views . 1 min read
 

 Article
What The Shape Of Your Belly Button Says About Your Health

If you have payed attention to the belly buttons of people on the beach or the members of your family, you have probably noticed that they have different shapes and...

Recently posted . 6K views . 2 min read
 

 Article
Top 10 Best Gym Equipment Brands in India 2018

Body fitness is one thing that everyone wants to maintain irrespective of age. Going to the gym and doing some great exercise always helps to maintain your body fit...

Recently posted . 3K views . 2 min read
 

 Article
Top 10 Horrifying Acts of Chemical Warfare and Gas Attacks

In this age of terror, there might be nothing more terrifying than the thought of an attack carried out with chemical weapons. We’ve all heard the horrific ...

Recently posted . 3K views . 4 min read
 

 
 

More in Global

 Article
Motorcycles Are Banned In This Myanmar City And Nobody Knows Why!

Motorcycles are ubiquitous. Riding a motorbike is associated with symbols of freedom, independence and self-sustenance. Many riders prefer a motorbike over a four...

Recently posted. 787 views . 1 min read
 

 Article
What’s the Most Expensive Thing in the World?

Have You Ever Wondered... -- What are the world's most expensive items? -- Wh...

Recently posted. 619 views . 1 min read
 

 Article
Bill to Hike Minimum Pay of H-1B Visa Holders by $30,000 Faces House Test.

Washington: A key Congressional committee on Wednesday voted to pass a legislation that proposes to increase the minimum salary of H-1B visa holders from $60,000 to...

Recently posted. 572 views . 1 min read
 

 Video
Mai khelega.... By sandeep sir



Recently posted . 544 views
 

 Reviews
Leaseweb hosting review



Recently posted . 933 views . 67 min read
 

 Reviews
The Best 5 Camping Tents in India 2018 – Reviews & Buying Guide



Recently posted . 914 views . 99 min read
 

 Article
Manchester terror attack: 19 killed in blast at Ariana Grande concert, ISIS supporters post celebratory messages

No less than nineteen people have been killed in an associated blast toward the end with a pop show by US star Ariana Grande in Manchester in northwest England that...

Recently posted. 780 views . 39 min read
 

 Article
Philippine official pushes for Duterte impeachment over ''defeatist'' China stance

Manila: Philippines official recorded supplementary charges on Thursday to a denunciation grumbling against President Rodrigo Duterte, blaming him for taking a &quo...

Recently posted. 637 views . 17 min read
 

 
 
 

   Prashnavali

  Thought of the Day

"Good things come to people who wait, but better things come to those who go out and get them."
Anonymous

Be the first one to comment on this story

Close
Post Comment
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST


ads
Back To Top