Nepal's central bank bans use of Indian currency notes

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International News

Jan 21, 2019

2:50PM

Nepal's central bank bans use of Indian currency notes

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Nepal's central bank has banned the use of Indian currency notes of Rs 2,000, Rs 500 and Rs 200 denominations. Under the new regulation issued yesterday, 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. On December 13, the Nepal 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, since a majority of Indians come to Nepal over land from bordering towns.