Money and Currency Exchange: Currency in India, Debit and Credit Cards, Travellers Cheques, Currency Restrictions, Banks in India

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 Money and Currency Exchange Information

Currency Exchange

To exchange currency in India is a very tiresome process so the currency should be exchanged in small amount at a time. Changing money at unapproved offices is not legal. Facilities of currency exchange will be provided at the hotels and airports during any time of the day. For currency exchange various branches have been started by the international foreign exchange providers in the big metropolitan cities.

Always exchange foreign currency at approved offices such as American express or Thomas cook outlets. Most banks are also approved to deal in foreign exchange. Always remember to take currency exchange receipt while exchanging currency. Currency Exchange Receipt verify source of your funds in India. Currency Exchange Receipt has all the details about the amount of foreign currency exchanged for Indian currency and the rate of exchange which will be given to you.

Please be very much alert while exchanging currency notes, Fake Indian currency notes like Rupee 500 notes, Rupee 1000 Rupee note are said to be circulating in India. So it is advisable to exchange currency note from banks. Do not listen to people who are trying to say that they will give you a better exchange rate than what the banks may offer you.
 

Currency in India

The main currency of India is Rupees. The issue of currency in India is governed by the Reserve Bank of India. One Rupee is equal to 100 Paise. Various Rupees Notes are available in India such as Rupee 5, 10, 20, 50, 100, 500 and 1000. Various coins are also available such as 0.25, 0.50, 1, 2 and 5.
 

Credit & Debit cards

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

Travellers cheques

Travellers cheques are generally accepted and can also be changed at some of the banks. To keep away from extra exchange rate charges, tourists are recommended to take travellers cheques in Pounds Sterling or US Dollars. Some banks don't accept certain brands of travellerís cheques other than pound sterling or dollars while others exchange quite happily. Travellers cheque can also be exchanged at Hotels, Restaurants, Exchange bureaus, Shops and other establishments.

Travellers cheque are easy to use and are valid forever. They are available in EURO, Great Britain Pounds (GBP), Canadian dollars (CAD), United States Dollars (USD), Australian Dollars (AUD) and Japanese Yen (JPY).
 

Currency Restrictions

Import and Export of local currency is illegal. But, when travelling to Pakistan, Bangladesh, Sri Lanka or Nepal the export of local currency is legal. Foreign currency can be exported up to certain amount. All the foreign currency must be declared before the customs officer on arrival if value exceed US $ 5000 or equivalent, and when exchanged the currency declaration form should be approved or a certificate must be issued. The certificates and form must be produced on departure to permit reconversion into foreign currency.
 

Banks in India

Banks plays a very important role in the development of the nation. Now a days, Banking in India has become very easy. Many new branches of banks have opened in India which are providing better services and facilities to the customers. Presently, at each and every part of India, the Private Computerized Banks, National Banks, Govt. Banks are opened which are providing modern and updated facilities to the customers like Internet Banking facility, Money Exchanging facility, Debit Card Facility and ATM (Any Time Money) facility. These ATM's functions for 24 hours so you can withdraw money at any time you want. However in the banks of some small towns the facilities of ATM are not available.
 

Banking Hours in India
Some banks offer 24 hours services in India. However the working hours of the banks are:
From Monday to Friday 10.00-18.00 hrs.
On Saturday 10.00-14.00 hrs.
 
 

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