Supreme Court Rules Old Indian Rupees Not 'Foreign Exchange'

Kathmandu. The Supreme Court has interpreted that old Indian rupees that have been withdrawn from circulation (demonetized) by the Indian government do not fall under the definition of 'foreign currency' or 'foreign exchange' under the 'Foreign Exchange (Regulation) Act, 2019'.

A joint bench of Supreme Court Justices Tekprasad Dhungana and Megharaj Pokharel acquitted all four defendants accused of possessing and transacting demonetized Indian 500 and 1,000 rupee notes.