23 Jan ,Mumbai
Reserve Bank of India (RBI) has lifted a ban on carrying Indian bank notes of Rs 1,000 and 500 denominations to and from Nepal.
RBI issued a circular eased the restriction on export and import of bank notes of 1,000 and 500 denominations for Nepal and Bhutan that it had imposed since May, 2000. The Indian central bank, however, has put a limit of carrying such notes at Rs 25,000 per person.
Following the request of Indian government to curb smuggling of counterfeit currency, Nepal had also imposed a ban on carrying 500 and 1,000 denominated Indian bank notes in Nepal. The restriction on carrying high denomination bank notes to and from India had created inconvenience to a large number of Nepali workers in India to remit their hard-earned money to Nepal.
Nepalese Government officials say lifting of the ban will provide a great relief to Nepali workers as well as Indian tourists travelling to Nepal. Nepal, however, is yet to formally revoke the legal restriction.