Traveling to Nepal? Indians and Nepalis can now carry ₹200 and ₹500 notes | Today’s news
Nepal lifted nearly 10-year-old restrictions on Indian currency by allowing Indian and Nepali nationals to carry Indian ₹200 and remodeled ₹500 banknotes to and from the country. The decision ends a rule introduced after India in 2016 demonetizationwhen only Indian currency notes to ₹100 denominations were allowed.
In a notification re-issued on Thursday, Nepal Rastra Bank (NRB) said that Indian and Nepali citizens can now carry Indian ₹200 a ₹500 notes issued on or after November 9, 2016, subject to existing limit ₹25,000 per person as per current regulations.
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Although the provision was already notified through the Nepal Gazette on February 11 after the required regulations were made, the central bank said the latest notification was issued to reaffirm the rules and remove any confusion over their implementation.
NRB spokesperson Guru Prasad Paudel clarified on Saturday that Nepalese nationals can bring Indian currency to Nepal only from India. Likewise, they cannot take Indian currency from Nepal to any third country except India.
According to Paudel, the revised rules are expected to make travel easier for Indian tourists visiting Nepal and boost Nepali traders and businessmen who frequently trade with India.
The NRB also reiterated that Nepalese citizens and foreign visitors can bring up to USD 5,000 or its equivalent in other foreign currencies into Nepal without having to file a customs declaration. Any amount in excess of this limit must be declared to customs on arrival.
Passengers can carry up to USD 5,000 (approx.) in Indian currency ₹4.83 lakh) without customs declaration only if the currency consists of denomination notes ₹100 or less, Paudel said. If the amount exceeds the limit of USD 5,000, a customs declaration becomes mandatory.
India scrapped ₹500 a ₹1,000 notes on November 8, 2016 as part of the demonetisation exercise. This step has been reworked ₹500 notes and new ₹2,000 notes, the second of which has since been withdrawn from circulation.
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As a result of demonetisation, Nepal banned the circulation and entry of Indian currency notes above ₹face value of 100. While the total limit ₹25,000 remained unchanged, passengers could only carry notes ₹100 and below.
With the revised regulations now in force, Indian and Nepali nationals can once again carry the revised ₹500 notes and ₹200 notes issued after November 9, 2016, provided the total value does not exceed ₹25000. Indian though ₹500 a ₹1000 notes”> ₹500 a ₹1000 notes issued before this date will continue to be banned in Nepal.
The decision is expected to boost cross-border travel, trade and financial transactions between the two neighboring countries, which share an open border and deep economic and cultural ties. India remains Nepal’s largest trading partner and one of its largest sources of tourists, while thousands of Nepalese citizens live, work, study and do business in India.
