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India - Money
Currency & Money
Rupee (INR; symbol Rs) = 100 paise. Notes are in denominations of Rs2,000, 500, 100, 50, 20, 10 and 5. Coins are in denominations of Rs10, 5, 2 and 1, and 50, 25, 20, 10 and 5 paise.
The Indian government's decision to take 500 and 1,000 rupee notes out of immediate circulation in November 2016 caused widespread cash shortages, although a different 500 rupee note was later introduced. Updates can be found on the Reserve Bank of India's website.
Note: The import and export of local currency is prohibited. Sometimes smaller vendors will not take bills larger than Rs 500. It is best to carry a range of rupee notes if you are shopping at bazaars and local markets.
In major cities, banks cards are generally accepted including debit cards, American Express, Diners Club, MasterCard and Visa. However, in smaller towns and villages, choice is generally narrowed to cash or MasterCard and Visa.
24-hour ATM can be found in all the major cities and most large towns, however, the number of ATMs is declining. Visa, MasterCard, Cirrus, Maestro and Plus are amongst the most commonly accepted cards.
Travellers cheques are increasingly hard to cash in India and are no longer recommended.
The import and export of local currency is prohibited. The import of foreign currency is unlimited. However, amounts exceeding US$5,000 or equivalent in cash, or US$10,000 or equivalent in all forms of currency (cash and traveller’s cheques) must be declared. The export of foreign currency is allowed up to the amount imported and declared.
Currency can be changed at banks, airports or authorised money changers. Many hotels also have facilities to change money but this is a more expensive option. It is illegal to exchange money through unauthorised money changers. US Dollars and Pounds Sterling are the easiest currencies to exchange.
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