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Kathmandu, December 4: In Nepal, higher-denomination Indian currency notes above 100 rupees have now been opened for circulation.

Previously, only the 100-rupee Indian note was allowed in circulation in Nepal. However, the Reserve Bank of India (RBI) has now permitted the use (exchange) of higher-denomination Indian notes. For this to take effect, Nepal Rastra Bank must issue a circular (directive) to implement the arrangement.

It is due to Nepal Rastra Bank’s directive that Indian notes above 100 rupees are currently not in circulation.

At present, India has 100, 200, 500, and 2,000 rupee notes in circulation. Since 2023, India has stopped printing new 2,000-rupee notes. Therefore, with the new provision made by the RBI, the way has been opened for the exchange of 200 and 500 rupee Indian notes in Nepal.

After India demonetized the 500 and 1,000 rupee notes in 2016, the notes of those denominations that were already in Nepal have still not been exchanged. Because of this, Nepal Rastra Bank had issued a directive not to bring higher-denomination Indian notes into circulation.

People’s News Monitoring Service.