Nepal Govt Bans Higher Indian Currency Notes
By MYBRANDBOOK
On Thursday,The Nepal government has banned the use of Indian currency notes of Rs 2,000, Rs 500 and Rs 200 denominations, according to a media report. The decision comes as the Nepal government is making preparations to celebrate 2020 as the ‘Visit Nepal Year’. Estimates indicate that at least 2 million people will visit Nepal in 2020, the mass of them from India.
The Kathmandu Post quoted Minister for Information and Communications Gokul Prasad Baskota noted for the people to refrain from keeping or carrying Indian bank notes higher than Rs 100 denomination as it has not legalized them.
When the Indian government introduced the new denominations in the months following demonetisation in 2016, the Nepal government did not make any announcement on the status of the new currency notes. The new denominations were being used freely in Nepal over the last two years, but the latest decision will affect Nepalese labourers working in India, and a large number of middle and low-income Indian tourists who frequent Nepal every year.
People have been using new Indian currency notes in the Nepali market for nearly two years and billions of banned Indian notes of Rs 500 and Rs 1,000 denominations were affected by demonitisation in India.
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