Nepal bans Indian notes above Rs 100

Indian currency notes above Rs 100 have been banned in Nepal by the Nepal's Central Bank . A circular was issued by Nepal Rastra Bank (NRB) on Sunday notifying  the bank institutions and traders of the country.

The ban has been criticized in Nepal as Indian tourists make a major percentage of the countrys annual revenue and in Nepal Indian currencies are highly used.

With the new circular, denomination of Rs 100 and below are freely exchangeable in Nepal now.

On December 13, Nepal's cabinet  had decided to ban the use Rs 200, 500 and 2000 notes.