Nepal Bans New Rs 500, Rs 2000 Notes

न्यूज़ वर्ल्ड इंडिया | 0
| November 25 , 2016 , 10:35 IST
[caption id="attachment_235572" align="aligncenter" width="700"]Nepal Bans New Rs 500, Rs 2000 Notes Nepal Bans New Rs 500, Rs 2000 Notes[/caption] Nepal Rastra Bank has banned the use of India's new currency notes of Rs 500 and Rs 2,000 denomination, terming them "unauthorised and illegal". These two currency notes were issued by the Reserve Bank of India recently after old Rs 500 and Rs 1,000 denomination notes were withdrawn. Nepal Rastra Bank (NRB) has called the new currency notes "unauthorised and illegal". ALSO READ: Know How To Identify Fake Rs 2000 and Rs 500 New Currency Notes NRB spokesperson Narayan Poudel said these new currency notes are not yet legal in Nepal, according to Poudel said these notes will be legal in Nepal only when India issues a FEMA notification as per the Foreign Exchange Management Act. ALSO READ: eBay Sells Rs 2000 Notes On Rs 1.5 Lakh. Click To Know What’s Special About These Notes India is likely to issue a FEMA notification, allowing people in Nepal and India to possess certain amount of Indian currency. Earlier, a ban was in effect in Nepal till last year against the use of Rs 500 and Rs 1,000 denominations notes. Authorities had lifted this ban after the visit of Prime Minister Narendra Modi to Nepal. ALSO READ: Youth Finds Easiest Way To Counterfeit Rs 2000 Note, Know How Nepal last year allowed people to carry Indian Rupees of higher denominations upto Indian Rs 25,000. The Reserve Bank of India had formed a task force to ease currency exchange facility in Nepal for non-Indians who possess the now-defunct notes of 500 and 1,000 denominations.