Kathmandu, Nepal allows Indian and Nepalese nationals to carry Indian currency notes in and out of the country $200 and $500 denominations, no more than $25,000, provided these are issued on or after November 9, 2016.
Nepal Rastra Bank said in a notification issued on Thursday that Indian banknotes $500 and $Notes of 1,000 denominations issued before November 9, 2016 remain banned in Nepal.
However, Indian banknotes $200 and $As per the current rules, 500 passports issued after November 9, 2016, can be carried in, into and out of Nepal by Nepali or Indian citizens with a limit of INR 25,000 per person.
While the NRB had informed about these regulations through a notification published in the Nepal Gazette on February 11, the central bank issued a new notification on Thursday, reiterating the regulations and clarifying their implementation.
Clarifying the new rules, NRB spokesperson Guru Prasad Paudel said on Saturday that Nepali nationals cannot bring Indian currency into Nepal from any country other than India. Likewise, they cannot carry Indian currency from Nepal to a third country other than India.
He said the new rules will facilitate Indian tourists traveling to Nepal and Nepali nationals conducting trade and business activities with India.
The latest move eases restrictions on the movement of Indian currency between the two neighbors, which share close people-to-people ties and open borders.
India is Nepal’s largest trading partner and source of tourists, with thousands of Nepali citizens working, studying and doing business in India.
The notification also said that Nepali nationals and foreign tourists can bring up to US$5,000 or its equivalent in other foreign currencies into Nepal without making customs declarations. Amounts over USD 5,000 must be declared to customs upon arrival.
India has demonetized currency notes $500 and $1,000 banknotes issued and replaced with redesigned banknotes on November 8, 2016 $500 notes and introduce new content $2,000 notes have now been withdrawn from circulation.
After demonetization, Nepal imposed restrictions on the use and movement of old Indian currency notes.
This article was generated from automated news agency feeds without modifications to the text.
