Fake Indian currency in Nepali markets

Counterfeit Indian currency notes with a face value of Rs three billion are in circulation in Nepalese markets.

Counterfeit Indian currency notes with a face value of Rs three billion are in circulation in Nepalese market, a top official of the Nepalese central bank has said.

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Nepal Rastra Bank's Deputy Governor Bir Bikram Rayamajhi said the fake Indian currency was mainly concentrated in urban areas.

The government has banned the use of Indian currency in the denomination of Rs 1,000 and Rs 500 due to rampant circulation of counterfeit money in the Nepalese market, he said speaking at an interaction programme last evening in Pokhara, a tourist hub in western Nepal.