Indian citizens can now travel to the neighbouring countries with Rs 500 and Rs 1,000 denomination notes as well, RBI said.
Earlier, they were allowed to carry notes of only up to Rs 100 denomination, but there was no limit on the amount of money one could carry.
The necessary amendments have been carried out in the regulations to permit this, the RBI said in a statement.
Under the Narendra Modi administration, there is a stronger focus on the engagement with the neighbours. Among the first foreign visits by the Prime Minister was to Bhutan and Nepal.
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