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Nepal bans India's new Rs 500 and Rs 2000 notes
By: Tupaki Desk | 25 Nov 2016 9:07 AM GMT
Nepal's Central Bank imposed a ban on exchange of new Indian currency notes of Rs 500 and Rs 1000 denominations.
The Nepal Rastra Bank passed a dictate that new Indian currency notes can't be exchanged unless Reserve Bank of India (RBI) issues a notification as per the Foreign Exchange Management Act. If RBI issues such a notification, It permits citizens of foreign nations to hold certain amount of Indian currency.
Ramu Poudel who is the chief of Nepal Rastra Bank termed the new Indian currency as illegal. He questions, 'How can we approve the new notes when the fate of old ones is uncertain'.
Currently, Nepali citizen were allowed to hold up to Rs 25,000 of Indian currency in old Rs 500 and Rs 1000 notes. Since Nov 8th, Nepalese were facing hardships to exchange the old notes.
The Nepal Rastra Bank passed a dictate that new Indian currency notes can't be exchanged unless Reserve Bank of India (RBI) issues a notification as per the Foreign Exchange Management Act. If RBI issues such a notification, It permits citizens of foreign nations to hold certain amount of Indian currency.
Ramu Poudel who is the chief of Nepal Rastra Bank termed the new Indian currency as illegal. He questions, 'How can we approve the new notes when the fate of old ones is uncertain'.
Currently, Nepali citizen were allowed to hold up to Rs 25,000 of Indian currency in old Rs 500 and Rs 1000 notes. Since Nov 8th, Nepalese were facing hardships to exchange the old notes.
