RBI lifts ban on carrying 1,000, 500 bank notes to and from Nepal, Bhutan
Reserve Bank of India (RBI) has lifted ban on carrying Indian bank notes of Rs 1,000 and 500 denominations to and from Nepal, Bhutan.
In this regard RBI has issued a circular that eased the restriction on export and import of bank notes of 1,000 and 500 denominations for Nepal and Bhutan.
However, RBI has put a limit of carrying such notes at Rs 25,000 per person.
Earlier in May 2000, RBI had imposed ban following the request of Union government to curb smuggling of counterfeit currency.
Implication: It will provide a great relief to workers from both nations as well as Indian tourists travelling to Nepal and Bhutan.
Categories: Banking Current Affairs 2017