KATHMANDU: Nepal Rastra Bank on Thursday banned the use of India's new currency notes of Rs 500 and Rs 2,000 denomination, terming them "unauthorised and illegal".
These two currency notes were issued by the Reserve Bank of India recently after old Rs 500 and Rs 1,000 denomination notes were withdrawn.
Nepal Rastra Bank (NRB) has called the new currency notes "unauthorised and illegal".
NRB spokesperson Narayan Poudel said these new currency notes are not yet legal in Nepal, according to Onlinekhabar.com.
Poudel said these notes will be legal in Nepal only when India issues a FEMA notification as per the Foreign Exchange Management Act
India is likely to issue a FEMA notification, allowing people in Nepal and India to possess certain amount of Indian currency.
Amazed to see so many brain-dead comments. Issuing FEMA is part of the procedure before Nepal can accept the new currency.
It''s Indian currency anyways. If they want to they can use it, else let them use whatever they want. It''s entirely upto them. How does it matter to India?
PM Modi has totally messed up everything in India by his foolish policy and bunch of useless advicers.
Nepalese people are sitting on large number of Indian 500 rupees notes which are now trash. They must have lost confidence.
Who cares...both countries are a mess !
Abhinav for Debate
Nepal has its own currency....why they want indian rupees.... If they want get it through foreign exchange....
How much black money did you loose?
MISLEADING HEADLINE..... Should say, 'NEPAL WAITING FOR GOI FEMA PAPERS...'
what a shame for our country a country like Nepal is not accepting our currency. ...whole world is laughing at us
Gurinder Singh Mp
OK..... bad days for Nepali people having old Indian currency. people working in India & have Indian currency... Nepali businessmen..
It''s Good. Because all fake currency comes via Nepal.
Who cares about them ?
So the black money will go there and become white and come back.