Currency Information, Travelers Cheque, Credit Cards, ATMs
In India, the unit of currency is the INDIAN RUPEE which has 100 paisa. There are coins of 25, 50 paise and also coins of Rs. 1, 2, 5. There are notes of Rs. 1, 2, 5, 10, 20, 50, 100 and 500.There are also 24 hour branches of the State Bank of India and Thomas Cook in the arrival and departure areas of the international airport.
There are no restrictions on the amount of foreign currency or travelers’ cheques a tourist may bring into India provided he makes a declaration in the Currency Declaration Form given to him on arrival. This will enable him not only to exchange the currency bought in, but also to take the unspent currency out of India on departure. Cash, bank notes and travelers’ cheques up to US$ 1,000 or equivalent, need not be declared at the time of entry.
Any money in the form of travellers’ cheques, drafts, bills, cheques, etc. in convertible currencies, which tourists wish to convert into Indian currency, should be exchanged only through authorized money changers and banks who will issue an encashment certificate that is required at the time of re-conversion of any unspent money into foreign currency. Exchanging of foreign currency other than banks or authorized money changers is an offense under Foreign Exchange Regulations Act 1973.
The big hotels, shops, restaurants and various Indian Airlines take major international credit cards. Travellers cheques are the safest form of money to be carried, and can be used directly to settle bills. Stick to the well known brands - American Express, Visa, Thomas Cook, Citibank and Barclays, keep the photocopies too. The best currencies to take are US dollars and pounds sterling. More than $10,000 (or equivalent) in cash, must be declared.
One will get encashment certificates from the Bank for each transaction, which should be kept carefully. In case, while going back he wants the Indian Rupees to be changed back into foreign currency, the same can be done upto US $ 500 worth of rupees. Credit cards are widely accepted at mid range and upmarket hotels and for buying rail and air tickets and also in many shops. On a MasterCard, Visa Card, or Japanese Credit bureau card, you can now get cash advances in rupees on the spot in main cities. With American Express you can get dollar or sterling traveller’s cheques.