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Money |
Indian Money |
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India's currency is the Rupee,
abbreviated as Rs. One Rupee is equal to 100 Paise.
Coins are in denominations of 10, 25 & 50 Paise & l, 2 & 5 Rupees.
Notes are in denominations of Rs. 1, 2, 5, 10, 20, 50, 100 ,500
and 1000.
Foreign Currency.
It is advisable to carry a mix of cash and travellers cheques
to guard against any situation. US Dollars are the easiest currency
to change with pounds sterling coming a close second. Other
hard currencies such as Yen, French Francs, Deutsche Mark can
also be changed in tourist areas and big cities.
There are no restrictions on the amount of foreign currency
or travellers’ cheques a tourist may import, provided a Declaration
Form is completed on arrival by the tourists if they enter the
country with US$10,000 or its equivalent in any other currency.
This will facilitate the exchange of imported currency as well
as the export of unspent currency on departure or for tax clearance
certificates. Cash, bank notes and travelers’ cheques up to
US$2.500 or equivalent need not be declared at the time of entry.
Any money in the form of travellers’ cheques, drafts, bills,
cheques, etc. which tourists wish to convert into Indian currency
should be exchanged only through authorised money changers.
Tourists are warned that changing money through unauthorised
persons is not only illegal but also involves the risk of receiving
counterfeit currency. To exchange foreign money other than through
banks or authorised money changers is an offence.
Please note that no Indian currency whatsoever can be imported
or exported, except for Rupee travellers’ cheques. Banks abroad
do keep Rupee balances with their agents in India and are able
to draw upon these balances to issue Rupee traveller's cheques
to intending tourists.
There are 24 hour exchange facilities available at all big cites
and international airports. Banking hours in India are from
10 a.m. to 2 p.m. (Mon.-Fri.) and from 10 a.m. to 12 noon on
Saturdays. One can also wire money into India.
These services are offered by foreign banks with branches in
India and also with Indian banks with branches abroad such as
the State Bank of India, Bank of India and Bank of Baroda
Most branches of State Bank of India and all major nationalized
banks have special foreign exchange counters.
All Credit cards (like Master, VISA, Diners, American Express
& others ) are widely accepted in India.
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