KATHMANDU: A day after India announced its plan to withdraw banknotes of larger denominations from circulation, Nepal's central bank Nepal Rastra Bank (NRB) issued a directive to the Nepali banking and financial institutions as well as money changers not to transact on IRs 500 and IRs 1000.,

The NRB further decided to write to the Indian central bank for the management of the larger banknotes in Nepal, the Rastriya Samachar Samiti reported.

Limited use of the high denomination notes -- IRs 500 and IRs 1000 -- was allowed in Nepal since 2015 though it was prohibited for 13 years from 2002.

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