Ban on circulation of Indian banknotes above 100 to be relaxed

KATHMANDU, Nov 25 :

Nepal and India have agreed to relax a ban on carrying of Indian banknotes of Rs 1,000 and Rs 500 denominations to Nepal, by setting a limit for exchange of such notes at Rs 25,000 per person.

Inaugurating National Trauma Center in Kathmandu on Tuesday, Indian Prime Minister Narendra Modi said the relaxation in the provision will benefit Nepali migrant workers returning home from India and Indian tourists visiting Nepal.

Nepal had prohibited circulation of Indian banknotes above 100 in 2002 as per the request of the Indian government.

Nepal Rastra Bank´s Spokesperson Manmohan Shrestha said that the ban would be relaxed by January next year.

SOurce: Republica