Nepal bans new Indian Rs 500 and Rs 2,000 notes

November 24, 2016 21:09

At a time when Nepalese citizens are facing problems in exchanging withdrawn Indian notes of Rs 500 and Rs 1,000 denomination, the countrys central bank on Thursday banned the exchange of Indias new Rs 500 and Rs 2,000 currency notes.

The Nepal Rastra Bank said the new Indian notes cannot be exchanged until the Reserve Bank of India issues a new notification under the Foreign Exchange Management Act. Such a notification allows citizens of foreign countries to hold a certain amount in Indian currency, officials said.

Ramu Poudel, the Nepal Rastra Banks chief for the eastern region, told members of the business community in Biratnagar that the new Indian rupees are considered illegal and cannot be exchanged until new arrangements are made by the Indian side.

Indian currency is widely accepted in Nepal, where many people have been facing problems in exchanging the old Rs 500 and Rs 1,000 notes. Due to the open border between the two countries, the new Indian notes too have entered areas along the border with India.

« Back to LIVE

TOP STORIES

Kejriwal's aide Bibhav Kumar arrested in Swati Maliwal 'assault' case

Bibhav Kumar was produced before Metropolitan Magistrate Gaurav Goyal who sent him to five-day police custody after the police sought his remand to question him about the incident and to retrieve data from his phone.

Back to back terror attacks in J-K: Ex-sarpanch killed, tourist couple shot at

Terrorists struck at two places in Kashmir on Saturday night, killing a former sarpanch in Shopian and injuring a tourist couple from Rajasthan in Anantnag, two days ahead of Lok Sabha elections in Baramulla.

I dedicate my man of the match award to Dayal: Faf du Plessis

Pacer Yash Dayal kept his cool in a tense final over to seal a 27-run win against Chennai Super Kings and send RCB through to the play-offs.

IPL PIX: Spirited RCB knock out CSK; qualify for play-offs!

A spirited performance from their bowlers saw Royal Challengers Bengaluru outclass Chennai Super Kings by 27 runs to qualify for the play-offs.

Banking industry doyen N Vaghul dies at 88

Veteran banker N Vaghul, who led the transformation of ICICI into a private sector lender, died on Saturday afternoon due to health complications. He was 88. Vaghul took over the reins of ICICI, then a public finance institution, in...