On November 24, Nepal Rastra Bank (NRB) said that the new currency notes won’t be considered legal in their country.
NRB spokesperson Narayan Poudel told Onlinekhabar.com.that these notes will be legal in Nepal only when India issues a FEMA notification. It is said that India is likely to issue a FEMA notification, allowing people in Nepal and India to possess certain amount of Indian currency.
The new banknotes that are designed to dissuade fake currency makers.
The new currency notes were issued by Narendra Modi-led NDA government after it announced that previous Rs. 500 and Rs. 1000 won’t be consider as legal tenders. The government said that the move was taken curb back floating in the market. However, due to lack of proper planning, the move has created lot of chaos in the country with many facing cash crunch.