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‘Sabse Chhota India’s Bada Rupaiya’: Nepal Bans Indian Notes Above Rs 100, In ‘Retaliation’ To Demonetisation?
The new Indian Rs 200, Rs 500 and Rs 2,000 notes are now illegal tender in Nepal. (ARUN SANKAR/AFP/Getty Images)
Nepal’s central bank - Nepal Rashtra Bank (NRB) - banned the use of Indian currency notes greater than Rs 100 denomination. This move is likely to affect Indian tourists visiting the Himalayan nation.
A circular issued by the NRB said that Indian currency notes of Rs 200, Rs 500 and Rs 2,000 denominations could not be carried and used for trading. This prohibited Nepali travellers, banks and financial institutions from carrying notes which are valued above Rs 100.
The ban was heavily criticised by entrepreneurs who claimed that it would hurt the country’s flourishing tourism when the government announced ‘Visit Nepal’ campaign which envisions drawing at least 2 million tourists in 2020, as per a report in Tribune India.
In 2016, the Indian government introduced fresh banknotes of Rs 500 and Rs 2000 post-demonetisation of old Rs 500 and Rs 1,000 notes. This move hit countries such as Nepal and Bhutan where Indian currency is widely accepted.
Prime Minister of Nepal, Khadga Prasad Oli, said demonetisation had hurt the Nepalese people and said that he would raise this matter with the Indian leaders.
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