India is Nepal’s biggest trading partner and most tourists come to Nepal from India. Thousands of Nepali people work, study and also do business in India. In such a situation, the Nepal government has issued a new notice in which it has been said that Nepali citizens and foreign tourists can bring up to 5,000 US dollars to Nepal without declaring it at customs. If someone brings more than $5,000, he will have to inform the customs officer.
Nepal has allowed Indian and Nepalese citizens to bring into the country Indian currency notes of Rs 200 and Rs 500 in denominations up to Rs 25,000, provided they were issued on or after November 9, 2016. Along with this, Indian notes of Rs 500 and Rs 1,000 issued before 2016 will remain banned in Nepal.
What changes in the new rules?
Clarifying the new rules, NRB spokesperson Guru Prasad Paudel on Saturday said 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 except India. He said that the new provision will provide ease to Indian tourists visiting Nepal and Nepali citizens doing business and trade with India. He said the move eases restrictions on movement of Indian currency between the two neighboring countries, which have close people-to-people ties and open borders.
The notice also said that Nepali citizens and foreign tourists can bring up to US $ 5,000 or its equivalent in other foreign currencies to Nepal without making customs declaration. If the amount exceeds 5,000 US dollars, it will have to be declared to customs. India demonetized Rs 500 and Rs 1,000 notes on November 8, 2016. In their place, new designed notes of Rs 500 and Rs 2,000 were introduced, which were later withdrawn from circulation. After demonetization, Nepal banned the use and transportation of old Indian notes.
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