In a move aimed at further strengthening the close economic and people-to-people ties between the two neighbours, Nepal has eased restrictions on the movement of Indian currency, allowing Indian and Nepalese citizens to carry Indian notes of Rs 200 and Rs 500 denominations up to a value of INR 25,000 while entering or leaving the country.
The relaxation, however, applies only to currency notes issued on or after 9 November 2016. The Nepal Rastra Bank (NRB), in a recent notice, clarified that old Indian currency notes of Rs 500 and Rs 1,000 denominations issued before 9 November 2016, will continue to remain prohibited in Nepal.
The central bank stated that Indian and Nepalese nationals can bring into Nepal, carry within the country, or take out Indian currency notes of Rs 200 and Rs 500 issued after the specified date, subject to existing regulations and a limit of INR 25,000 per person.
Although the provisions had already been published in the Nepal Gazette on 11 February, the NRB issued a fresh notice on Thursday to reiterate the rules and provide greater clarity on their implementation.
Explaining the finer details of the regulation, NRB spokesperson Guru Prasad Paudel said Nepalese citizens would not be permitted to bring Indian currency into Nepal from countries other than India. Similarly, Indian currency cannot be taken from Nepal to a third country, except India.
