Thousand Rupee Notes can now be taken to Nepal and Bhutan
AS per the Foreign Exchange Management (Export and Import of Currency) Regulations, 2000 , Indian currency notes of denomination above Rs. 100 cannot be taken or sent to Nepal and Bhutan. Though our 500 and 1000 rupee notes are in great demand in Nepal and Bhutan, they are actually banned there - at India's request.
Regulation 8 of the above Regulations reads as:
Export and import of currency to or from Nepal and Bhutan:-
Notwithstanding anything contained in these regulations, a person may -
i) take or send out of India to Nepal or Bhutan, currency notes of Government of India and Reserve Bank of India notes (other than notes of denominations of above Rs.100 in either case);
ii) bring into India from Nepal or Bhutan, currency notes of Government of India and Reserve Bank of India notes (other than notes of denominations of above Rs.100 in either case)
Now the sub-regulation (i) above is amended as:
"take or send out of India to Nepal or Bhutan, currency notes of Government of India and Reserve Bank of India notes (other than notes of denominations of above Rs.100/- in either case);
provided that an individual travelling from India to Nepal or Bhutan can carry Reserve Bank of India currency notes of denomination Rs.500/- and/or Rs.1000/- up to a limit of Rs. 25000/-".
Sometime back a Minister from Nagaland was detained in Nepal for carrying 1000 rupee notes.
FEMA Notification No. , Dated: December 16, 2014