Nepal’s central bank announces ban of Indian notes above ₹100.

Indian currency of denominations 200, 500,& 2,000, cannot be carried and used for trading according to Nepal Rastra Bank. This could affect Indian tourists visiting the Himalayan nation, where the Indian currency is widely used. A circular was issued by Nepal Rastra Bank on Sunday were Nepali travelers, banks and financial institutions from holding or carrying and trading bank notes higher than Rs100 were prohibited. Nepalis are not allowed to carry these notes to any countries other than India and also cannot bring such notes from other countries. However, notes below 100 denomination can be used for trading and conversion. This prohibition came at a time when the government has announced ‘visit Nepal’ campaign with the objective to draw at least 2 million tourists in 2020. The demonetization of Rs 500 and Rs 1000 has hit the countries like Nepal and Bhutan were Indian currencies were widely used. They have been using the Indian currency for nearly 2 years. Nepal premiere K.P Sharma Oli said he would raise the matter with Indian leaders.

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