Nepal Rastra Bank on Thursday banned the use of India's new currency notes of Rs 500 and Rs 2,000 denomination, terming them "unauthorised and illegal".
●    These two currency notes were issued by the Reserve Bank of India recently after old Rs 500 and Rs 1,000 denomination notes were withdrawn.
●    Nepal Rastra Bank (NRB) has called the new currency notes "unauthorised and illegal".
●    NRB spokesperson Narayan Poudel said these new currency notes are not yet legal in Nepal.
●    Poudel said these notes will be legal in Nepal only when India issues a FEMA notification as per the Foreign Exchange Management Act.
●    India is likely to issue a FEMA notification, allowing people in Nepal and India to possess certain amount of Indian currency.
●    Earlier, a ban was in effect in Nepal till last year against the use of Rs 500 and Rs 1,000 denominations notes.

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