India is likely to issue a FEMA notification, allowing people in Nepal and India to possess certain amount of Indian currency. (Source: Express Photo by Arul Horizon)Nepal Rastra Bank on Thursday banned the use of India’s new currency notes of Rs 500 and Rs 2,000 denomination, terming them “unauthorised and illegal”. These two currency notes were issued by the Reserve Bank of India recently after old Rs 500 and Rs 1,000 denomination notes were withdrawn. Earlier, a ban was in effect in Nepal till last year against the use of Rs 500 and Rs 1,000 denominations notes. Nepal last year allowed people to carry Indian Rupees of higher denominations upto Indian Rs 25,000.

Source: Indian Express November 24, 2016 16:00 UTC