Nepal bans new Indian 500, 2000 notes, waits for RBI notification

Nepal’s Central Bank has banned the exchange of India’s new Rs 500 and Rs 2,000 currency notes .The Nepal Rastra Bank has been looking for the new notification issued by the Reserve Bank of India (RBI) under the Foreign Exchange Management Act. The Nepal Rastra Bank is of the opinion that such a notification will allow citizens of the foreign countries to hold a certain amount in Indian currency.

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