500 and 1000 Rupees band in India

Nepal has sought exchange facility worth INR 33.6 million with Reserve Bank of India against the high denomination Indian currency notes INR 500 and INR 1,000 that are in holding of Nepal Rastra Bank, banks and financial institutions and money exchange facilities.

NRB today submitted the figure to RBI and requested RBI to provide exchange facility for the general public similar to the exchange facility of up to INR 4,000, which has been granted to Indian nationals, said NRB Governor Chiranjibi Nepal.

The country has already banned the high denomination Indian currency notes on Wednesday following the Indian government’s move to ban INR 500 and INR 1,000 notes to counter the parallel economy in India. NRB has written to RBI seeking exchange facility of high denomination Indian currency notes in response to a communication sent by RBI that sought the actual amount of such currency in Nepal.

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