ADVERTISEMENT
ECONOMY

Nepal's banks refuse to accept new Indian currency notes

KATHMANDU, Nepal, Nov 25: Nepal's banks are refusing to accept new Indian 500 and 2,000 rupee notes because the Indi...

By Associated Press

KATHMANDU, Nepal, Nov 25: Nepal's banks are refusing to accept new Indian 500 and 2,000 rupee notes because the Indian central bank has not officially informed the neighboring Himalayan nation of their issue, officials said Friday.


Nepal Rastriya Bank official Narayan Prasad Paudel said banks in Nepal can only accept the notes after a proper notice has been received.


Related story

Hamro Patro launches instant money transfer service for int’l t...


Nepal has already stopped accepting old 500 and 1,000 rupee Indian notes after they were scrapped by the Indian government earlier this month in hopes of curbing corruption.


Sapkota said the new bills are not illegal in Nepal but can only be accepted after an official notice is received.


Indian currency is widely accepted in Nepal, which shares an open border with India. Citizens of the two countries do not need visas to travel between them.


An estimated 2 million Nepalese work in India and are paid with Indian currency.

Related Stories
ECONOMY

iPhone 16 now available in Nepali market

1 min read
ECONOMY

NEPSE inches up 4.85 points to close before Dashain; daily turnover plunges to...

2 min read
ECONOMY

Khumbu region overwhelmed by tourists, Lukla records 200 flights on Tuesday

2 min read
ECONOMY

BFIs are now required to disclose when to issue a margin call on share collater...

1 min read
ECONOMY

Major ordinary shareholders prohibited from borrowing from their banks

2 min read