Kathmandu: Nepal has eased restrictions on carrying high-denomination Indian currency in the Himalayan nation, ending a decade-long ban, according to an official statement.
Individuals can hold Indian banknotes of Rs 200 and Rs 500 up to a maximum limit of INR 25,000 per person. The decision was made during Monday’s cabinet meeting, according to cabinet sources.
Under the revised provision, both Nepali and Indian citizens may bring the higher denomination banknotes into Nepal from India or carry them from Nepal to India.
The Cabinet decision on Monday follows amendments by the Reserve Bank of India to the Foreign Exchange Management (Export and Import of Currency) Regulations, 2015.
The amendment permits Indian, Nepali, and Bhutanese nationals to carry higher-denomination Indian currency while travelling to and from India.
According to Nepal Rastra Bank (NRB) spokesperson Guru Prasad Paudel, once the government decision is published in the Nepal Gazette, NRB will issue a circular to this effect that would legalise the use of higher denomination Indian banknotes by individuals travelling to Nepal from India or from Nepal to India.
This will facilitate tourists as well as business people from both countries to travel or carry out business in each other’s countries.
“This was our longstanding request, and India responded positively,” Poudel was quoted as saying by the Kathmandu Post.
