Friday, 11 November 2016

Update : RBI asks NRB about amount of banned Indian notes in Nepal

Posted by Anup Baral | November 11, 2016 :
The Reserve Bank of India (RBI) has asked the Nepal Rastra Bank (NRB) to provide details of the stock of Indian currency in denominations of 500 and 1,000 in the Nepali financial system. The RBI’s query comes two days after India pulled 500 and 1,000 rupee notes from circulation. Indian Prime Minister Narendra Modi on Tuesday announced that 500 and 1,000 rupee notes would be withdrawn from circulation effective Tuesday midnight “to crack down on rampant corruption and counterfeit currency”. Following the Indian government’s surprise decision, the NRB also banned the use of those bank notes in Nepal effective from Wednesday.

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