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Thursday, 10 November 2016

Nepal Also Hit As India Bans Its Rs 500, Rs 1000 Notes

Posted by Anup Baral | November 10, 2016 : India's decision to demonetise Rs. 500 and Rs. 1,000 currency notes had its ripple effect in Nepal -- affecting transactions, depressing the share market, creating difficulties for border residents and raising concerns among citizens working in India.
Nepal's central bank, Nepal Rastra Bank (NRB), issued a directive to all banks, financial institutions and money transfer companies to immediately halt the transactions of Indian currency of these denominations with effect from today. The bank, which said it is in touch with its counterpart, the Reserve Bank of India, to resolve the problem, also discussed the issue with government officials.

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