(THIS ARTICLE IS COURTESY OF THE HINDUSTAN TIMES NEWS PAPER)
Nepal bans new Indian Rs 500 and Rs 2,000 notes, waits for RBI notification
- HT Correspondent, Hindustan Times, Kathmandu
- Updated: Nov 24, 2016 20:29 IST
At a time when Nepalese citizens are facing problems in exchanging withdrawn Indian notes of Rs 500 and Rs 1,000 denomination, the country’s central bank on Thursday banned the exchange of India’s new Rs 500 and Rs 2,000 currency notes.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 (RBI) 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.
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