Nepal asks India to lift notes ban

Less than a fortnight after an Indian minister was detained in Nepal for carrying banned Indian currency notes, Nepal has reiterated its call to India’s banking transaction regulator to lift the prohibition.

Less than a fortnight after an Indian minister was detained in Nepal for carrying banned Indian currency notes, Nepal has reiterated its call to India’s banking transaction regulator to lift the prohibition.

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Yubaraj Khatiwada, governor of Nepal Rastra Bank (NRB), the republic’s apex bank, has asked Reserve Bank of India (RBI) Governor D. Subbarao to lift the ban on Rs 1,000 and Rs 500 Indian rupee notes in Nepal.

The ban came into effect more than a decade ago after a growing racket in fake Indian currency as well as suspected routing of money to fund terrorist activities through Nepal.