Indian held in Nepal with Rs 2 lakh banned notes

An Indian has been arrested in Nepal for allegedly carrying banned Indian notes with a face value of Rs 200,000, police said Monday.

Satnam Singh, 55, a resident of Pilibhit in Uttar Pradesh, was arrested on a tip-off from Kanchanpur district with the currency on Sunday evening, Kathmandu Post reported.

Deputy Superintendent of Police Krishna Raj Ojha said that the amount recovered from the accused is in Rs 500 denomination.

The Indian government in November 2016 demonetized high-value currency notes. The Indian currency is widely used in Nepal for day-to-day transactions, especially in the border areas.

According to Nepal's national bank, the Nepal Rashtra Bank, nearly 33.6 million Indian rupees in Rs 1,000 and Rs 500 banknotes are currently in the Nepali banking channel.