Kathmandu, Dec 17: Nepal has relaxed restrictions on Indian currency in the Himalayan nation, lifting a decade-long ban, an official release said.
Nepal has lifted the ban on Indian currency notes of 200 and 500 rupees and said that each person can have a maximum of 25,000 rupees in Indian currency. This important decision was taken in the Nepal Cabinet meeting.
Under the revised provisions, both Nepali and Indian citizens can bring high-value bank notes from India to Nepal or take them from Nepal to India.
The Nepal Cabinet decision came after the Reserve Bank of India brought amendments to the Foreign Exchange Management (Export and Import of Currency) Rules, 2015.
The amendment allows citizens of India, Nepal and Bhutan to carry high-value Indian currency while travelling to and from India.
According to Nepal Rastra Bank (NRB) spokesperson Guru Prasad Paudel, once the government's decision is published in the Nepal Gazette, the NRB will issue a circular legalising the use of high-value Indian bank notes by persons travelling from India to Nepal or persons coming from Nepal to India.
This will facilitate tourists and businessmen from both countries to travel or do business with the two countries.
"This was our long-standing request and India responded positively to it," Paudel said.