The Reserve Bank of India (RBI) has revoked the ban on carrying currency notes of the denominations Rs. 1000 and Rs. 500 to Nepal and Bhutan.
The RBI amended a regulation which it had imposed since May, 2000 to allow export and import of currency notes of higher denominations from the two countries. The Central bank, however, has put an upper limit for carrying such notes at Rs. 25,000 per person.
The government had imposed such a regulation to curb the smuggling of counterfeit currency to India. The restriction had created inconvenience to a large number of Nepali workers in India.
The Nepalese government has welcomed RBI’s move and said that lifting of the ban will provide a great relief to Nepali workers as well as Indian tourists travelling to Nepal.
—-ANI