India bans rupees 500 and 1000 bills
Following the blog to ban Rs. 500 and Rs. 1000 currency notes by the Reserve Bank of India, Nepal's Rastra Bank has also imposed a ban on the use of the Indian currency notes of Rs. 500 and Rs.1000 denominations. Although the Reserve Bank of India has started the circulation of Rs. 2000 bills, they are yet to circulate the Rs. 500 notes in the market. This has created a lot of confusion and anger among the general public across the South Asian countries. Historically, the Indian currency has been used in cross-border transactions between India, Nepal, and Bangladesh.
The fate of legal owners of these denominations in Nepal is uncertain at the moment although Nepalese authorities have written to Indian authorities for a facility to exchange the old notes with the new legal tenders. One thing for sure, this sudden and unannounced Indian currency ban of Rs. 500 and Rs. 1000 denomination by the Modi Government of India comes as a massive shock to the people of the greater South Asian region.
Tourism and pilgrimage activities are also expected to be affected between Nepal and India by this move as the availability and acceptance of the new higher denomination notes(Rs. 2000) in Nepal is yet to be decided. We advise all Indian visitors who are planning to visit Nepal only to carry Rs. 100 notes or withdraw local currency using their ATM cards in Nepal for now.
UNDER: TRAVEL INDIA
TAGS: INDIAN , RUPEES , CURRENCY , BAN
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