Nepal Allows Indians To Carry Up To Rs. 25,000 In Indian Currency

Kathmamndu, July 26: Nepal has allowed Indian and Nepalese citizens to carry Indian currency notes of ₹200 and ₹500 denominations, issued on or after November 9, 2016, up to a maximum value of ₹25,000 per person.

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The Nepal Rastra Bank (NRB) said the revised rule permits Indian and Nepalese nationals to bring into or take out of Nepal ₹200 and ₹500 Indian currency notes issued after November 9, 2016, subject to the prescribed limit of ₹25,000.

The central bank clarified that Indian currency notes of ₹500 and ₹1,000 issued before November 9, 2016, remain prohibited in Nepal.

Although the regulations were notified through the Nepal Gazette on February 11, the NRB issued a fresh notice on Thursday to reiterate the provisions and clarify their implementation.

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NRB spokesperson Guru Prasad Paudel said Nepalese citizens can bring Indian currency into Nepal only from India. Similarly, they cannot carry Indian currency from Nepal to any third country except India.

According to the central bank, the revised rule is expected to benefit Indian tourists visiting Nepal and Nepalese citizens involved in trade and business with India.

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The move also eases restrictions on the movement of Indian currency between the two neighbouring countries, which share an open border and strong economic and people to people ties.

The NRB further stated that Nepalese citizens and foreign visitors may bring up to USD 5,000 or its equivalent in other foreign currencies into Nepal without making a customs declaration. Amounts exceeding USD 5,000 must be declared upon arrival.

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India demonetised ₹500 and ₹1,000 currency notes on November 8, 2016, introducing redesigned ₹500 notes and later issuing ₹2,000 notes, which have since been withdrawn from circulation. Nepal had imposed restrictions on the old Indian currency following the demonetisation.