CURRENT AFFAIRS

Detailed explanation-1: -Nepal’s central bank has announced the ban of Indian currency notes with denominations above Rs 100. The Nepal Rastra Bank (NRB) on Sunday issued a circular for the institutions licensed by it notifying them about the ban, reports Xinhua news agency.

Detailed explanation-2: -Nepal. The Nepalese Rupee is officially pegged to the Indian rupee. Like Bhutan, the RBI allows travellers to carry currency notes for any amount in denominations up to ₹100, while there is a cap of ₹25,000 for ₹200 and ₹500 denominations.

Detailed explanation-3: -The Government of Nepal has banned the use, import or export of 1,000 Indian rupee and 500 Indian rupee notes. British nationals should ensure that they do not enter or leave Nepal with either 1,000 or 500 Indian rupee notes.

Detailed explanation-4: -The apex court in a 4:1 majority verdict upheld the government’s 2016 decision to demonetise the Rs 1,000 and Rs 500 denomination notes, saying the decision-making process was not flawed.

Detailed explanation-5: -Important Information. Although Indian currency is valid in Nepal (at an official exchange rate of 1.60 Nepalese rupees to 1 Indian rupee), the Rs. 500 and Rs. 1000 currency notes are not acceptable.