Money & Currency Exchange: Currency in India, Credit & Debit cards, Travellers cheques, Currency restrictions, Banks in India

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Money and Currency Exchange Information

Currency Exchange

Currency exchange in India is a very tedious process so the currency should be exchanged in small amount at a time. Changing money at unauthorised offices is illegal. Currency exchange facilities are available at the airports and hotels at any time. Various branches have been set up by the international foreign exchange providers in the big metropolitan cities. The tourists must save up all the exchange receipts (encashment certificates) as these are required for visa extensions and other formalities, and as well as at the time of conversion of money.

Currency in India

The main currency of India is Rupees. One Rupees is equal to 100 Paise. Various Rupees Notes in denominations of 1000, 500, 100, 50, 20, 10, 5, 2 and 1 are available. Various coins in denominations of 5, 2 and 1, 0.50 and 0.25 are also available.

Credit & Debit cards

Master Card, American Express, Diners Club  and Visa Card are widely accepted in India. Some of the hotels, banks, restaurants and as well some of the shops widely accept some of these credit and debit cards.

Travellers cheques

Travellers cheques are widely accepted and can also be changed at some of the banks. To avoid additional exchange rate charges, tourists are advised to take travellers cheques in US Dollars or Pounds Sterling. Some banks don't accept certain brands of travellers cheques other than dollars or pound sterling while others exchange quite happily.

Currency restrictions

Import and Export of local currency is prohibited. But, while travelling to Nepal, Bangladesh, Pakistan or Sri Lanka the export of local currency is not prohibited. Foreign currency can be exported up to the amount declared. All the foreign currency must be declared on arrival if value is over US $ 5000, and when exchanged the currency declaration form should be endorsed or a certificate must be issued. The form and certificates must be produced on departure to enable reconversion into foreign currency.

Banks in India

Banking in India has become quite easy now. More private banks are coming up and they have increased their services and performances which in turn has increased the turnover and performance of various business institutions. The banks have widely contributed towards the development of India. Now in every state of India the National Banks, private computerised banks have been opened up with various modern facilities like the debit card facility, ATM (Any Time Money) facility, Internet Banking facility and Money Changing facility etc. These ATM's are open 24 hours so any time you can withdraw money. However in the small town banks such type of facilities are not available.

Banking hours

Some of the banks provide 24 hours services in India but, however the working hours of the banks are:
From Monday to Friday 1000-1800 hrs.
On Saturday 1000-1400 hrs.

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