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Nepal introduces new rules on exchange facilities for Indian rupee | The Nepal Rastra Bank (NRB) has introduced new
rules related to exchange facilities for Indian rupee that, among others, has limited Indian rupee withdrawals from Automated Teller Machines (ATMs) in India
by using electronic cards issued by Nepali banks. Xinhua quoted Monday's myrepublica.com
report, as saying that the new central bank measures were aimed at checking illegal
trading of Indian currency, particularly in bordering cities, and to ensure adequate
supplies of Indian currency to those who are in real need. According to the directives,
individuals having ATM cards issued by Nepali financial institutions can now withdraw
up to 200,000 Nepali rupees per month from the banks based in India. Earlier the
limit was 25,000 rupees per day. "We have noticed activities of hundreds of individuals,
who deposit huge sum of Nepali rupees in Nepali banks and withdraw it from banks
across the boarder to sell them at higher rates in Nepal," said an official of
the central bank. |
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