Nepal banned new Indian Rs.2,000 and Rs.500 notes

Due to the porous border between the two countries, Indian currency is widely accepted in Nepal. But many people have been facing problems due to currency demonetisation. Today, Nepal central bank banned the exchange of new Indian Rs.2,000 and Rs.500 notes. The Nepal Rastra Bank said that new Indian currency notes will not be exchanged until RBI (Reserve Bank of India) issues a fresh notification under the FEMA(Foreign Exchange Management Act). Already Nepal PM Pushpa Kamal Dahal (Prachanda) and Fin Min Krishna Bahadur Mahara requested their Indian counterparts to make necessary arrangements for Nepalese citizens to exchange the banned notes.