Indian currency 500 and 1000 also banned in Nepal
Prime Minister of India, Narendra Modi had called an emergency address speech in which he has banned the use of Indian currency 500 and 1000 from today midnight.
India has made a strict decision of banning regular 500 and 1000 rupee notes from circulation which is a result of finding 1.25 lakh crore black money.
With the ban effective from today midnight, those currencies will also to be discontinued in use in Nepal too.
This decision to ban certain currency has been made as IMF and World Bank states India is an economic star now, as according to Indian PM.
Every Indian citizen will be allowed to withdraw 10,000 Rupees from Bank or ATM per day and 30,000 per week which seems to be less.
Instead of 500 and 1000 Rupee notes RBI will be issuing 2000 rupee notes which will be a regular currency circulation over India.