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After nearly a decade, Nepal has taken a significant decision regarding Indian ₹200 and ₹500 banknotes. Indian and Nepali citizens will now be able to carry Indian ₹200 and ₹500 notes while traveling to and from Nepal. However, a limit of ₹25,000 per person has been set for this. This relief comes almost a decade after the ban imposed following India's demonetization in 2016.

In a notice re-issued on Thursday, the Nepal Rastra Bank (NRB) stated that Indian and Nepali citizens may carry Indian ₹200 notes and the newly designed ₹500 notes—issued after November 9, 2016—up to a maximum value of ₹25,000. This permission has been granted under existing regulations.

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Although this rule had already been published in the Nepal Gazette on February 11, the Nepal Rastra Bank has re-issued it to clear up any confusion among the public.

Who will the new rules apply to?
Nepal Rastra Bank spokesperson Guru Prasad Paudel clarified that Nepali citizens cannot bring Indian currency into Nepal from any country other than India. Similarly, they cannot carry Indian currency from Nepal to any third country other than India.

According to him, this decision will greatly benefit Indian tourists visiting Nepal and Nepali businesspeople trading with India.

Rules for bringing in foreign currency also clarified
Under the new rules, Nepali citizens and foreign tourists can bring up to a maximum of 5,000 US dollars (or an equivalent amount in other foreign currencies) into Nepal without making a customs declaration. If a person brings in foreign currency exceeding this limit, they must declare it to the Customs Department upon arrival in Nepal.

The same rule will apply in the case of Indian currency. However, Indian currency equivalent to US$5,000 (approximately ₹4.83 lakh) can be brought in without a customs declaration only if all the notes are of denominations of ₹100 or less. A customs declaration is mandatory for amounts exceeding this limit.

**Ban Imposed After 2016 Demonetization**
The Government of India discontinued the old ₹500 and ₹1,000 notes on November 8, 2016. Subsequently, new-design ₹500 notes and ₹2,000 notes were issued. Later, the ₹2,000 notes were also withdrawn from circulation.

Following demonetization, Nepal had banned the use and entry of all Indian notes with denominations higher than ₹100. Although the maximum limit for carrying Indian currency was previously ₹25,000, travelers were restricted to carrying only notes of ₹100 or lower denominations.

**Which Notes Will Now Be Valid?**
Under the revised rules, carrying ₹200 notes and new-design ₹500 notes—issued after November 9, 2016—into Nepal will now be permitted. However, the ban on the old ₹500 and ₹1,000 notes issued before November 8, 2016, will remain in effect.

**Boost to India-Nepal Travel and Trade**
This decision is expected to boost travel, tourism, and cross-border transactions between India and Nepal. The two nations share an open border and have long-standing, strong socio-economic ties. India is Nepal's largest trading partner and a major source of tourists visiting the country. Meanwhile, a large number of Nepali citizens live in India for employment, education, and business purposes.

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