Nepal To Not Entertain New Notes Until India Gives The Nod   

Nepal said it will not accredit the new Indian Rs 500 and Rs 2,000 bank notes until India accords approval.

As Nepal's central bank the new notes are deemed illegal and banned for exchange.

The Nepal Rastra Bank (NRB) said the new Indian notes, which have appeared in border areas dues to the open border, cannot be exchanged until India gives the nod.

Ramu Poudel, chief of the NRB's eastern region, said the new notes will be considered illegal until new facilities of exchange are determined by the Indian apex bank.

As of now, said Poudel, the understanding with Reserve Bank of India is that a Nepali citizen can hold up to Rs 25,000 worth of old Rs 500 and Rs 1,000 denomination Indian currency notes.

With inputs from IANS