Travelling to Nepal? Indians and Nepalese can now carry ₹200 and ₹500 notes
Nepal has lifted a nearly 10-year-old restriction on Indian currency by allowing Indian and Nepalese nationals to carry Indian ₹200 and redesigned ₹500 notes into
Nepal has lifted a nearly 10-year-old restriction on Indian currency by allowing Indian and Nepalese nationals to carry Indian ₹200 and redesigned ₹500 notes into and out of the country. The decision ends a rule introduced after India's 2016 demonetisation, when only Indian currency notes of up to ₹100 denomination were permitted. In a notice reissued on Thursday, the Nepal Rastra Bank (NRB) said Indian and Nepalese citizens can now carry Indian ₹200 and ₹500 notes issued on or after November 9, 2016, subject to the existing limit of ₹25,000 per person under current regulations. Although the provision had already been notified through the Nepal Gazette on February 11 after the required regulations were framed, the central bank said the latest notice was issued to reaffirm the rules and remove any ambiguity regarding their implementation.
NRB spokesperson Guru Prasad Paudel clarified on Saturday that Nepalese citizens are allowed to bring Indian currency into Nepal only from India. Similarly, they cannot take Indian currency from Nepal to any third country other than India. According to Paudel, the revised rules are expected to make travel easier for Indian tourists visiting Nepal and support Nepalese traders and businesspeople who frequently transact with India. The NRB also reiterated that Nepalese citizens and foreign visitors may bring up to USD 5,000 or its equivalent in other foreign currencies into Nepal without filing a customs declaration. Any amount above that threshold must be declared to customs upon arrival.
For Indian currency, travellers can carry an amount equivalent to up to USD 5,000 (around ₹4.83 lakh) without a customs declaration only if the currency consists of notes with denominations of ₹100 or below, Paudel said. If the amount exceeds the USD 5,000 limit, a customs declaration becomes mandatory. India scrapped ₹500 and ₹1,000 notes on November 8, 2016, as part of its demonetisation exercise. The move introduced redesigned ₹500 notes and new ₹2,000 notes, the latter of which has since been withdrawn from circulation. In the aftermath of demonetisation, Nepal banned the circulation and entry of Indian currency notes above ₹100 denomination.
While the overall limit of ₹25,000 remained unchanged, travellers could only carry notes of ₹100 and lower. With the revised regulations now in force, Indian and Nepalese nationals can once again carry redesigned ₹500 notes and ₹200 notes issued after November 9, 2016, provided the total value does not exceed ₹25,000. However, Indian ₹500 and ₹1,000 notes issued before that date will continue to remain prohibited in Nepal.
The BriefWire