Nepal bans Indian currency notes above Rs 100 – Times of India

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Nepal bans Indian currency notes above Rs 100 – Times of India

New Delhi: The Nepal government has been banned

Indian notes

above the denomination of Rs 100 in a move that will impact tourists visiting the Himalayan nation where

Indian currency

is widely used

Travelers usually carry Indian currency as it is extensively used by Nepalese people and businesses for their savings and transactions.

The government has asked people to refrain from keeping or carrying Indian bank notes higher than Rs 100 denomination as it has not legalized them, Nepal’s minister for information and communication Gokul Prasad Baskota said.

Even though the Indian currency is accepted in Nepal, people will often face difficulties while using higher denomination notes of Rs 500 and Rs 1,000 since they were not easily accepted. This is before the demonetisation exercise of November 2016.

“Among the causes, there was a old advice from India in this regard as a large number of fake currency in these denominations was found there. of Rs 500 and Rs 1,000 to India, “said sources.

Sources added that the move will affect Indian travellers in Nepal since they could spend in rupees.

“Nepal citizen working in India has now to send money home electronically. Those sending physical currency need to do so in notes of up to Rs 100,” sources said.

India is Nepal’s largest trading partner

The 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 KP Sharma Oli said earlier this year that demonetisation hurt the Nepalese people and added that Indian leaders

People have been using the new Indian currency in Nepal for nearly two years now.

(With inputs from PTI)

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