Nepal Cabinet bans Indian notes above Rupees 100

Kathmandu (Nepal) , Dec 15 : The government has banned Indian currency of all denominations above rupees 100.
The recent meeting of the Council of Ministers has decided to publish a notice not to use the Indian currency of 200, 500 and 2000 denominations in Nepal according to kathmandupost .

This decision makes use of Indian notes of denominations more than 100 illegal.

Revealing, Cabinet decisions, Government Spokesperson Gokul Banskota said, “The government has decided to publish a notice not to use, carry and keep the Indian bills of 200, 500 and 2000 denominations.”

The decision appears dictated by the Resrrve Bank of India’s refusal to take back the demonetised notes lying with the Nepal Rashtra Bank (NRB) for more than two years.

Although , there is no official figure on how much demonetised Indian notes Nepal holds , the ballpark figure often quoted in the local media is Rs.9.5 billion.

Image : Representational

LEAVE A REPLY

Please enter your comment!
Please enter your name here