Money Matters

Money is what moves the world and when it comes to travelling, tourists have to be well prepared to deal with money related contingencies. Rupee is the currency of India and it is fully convertible. Currency notes are available in denominations of 1000, 500, 100, 50, 20, 10, 5, 2 and 1. Coins are available in denominations of 5, 2 and 1 rupee. 50 and 25 paise coins are also available.

Foreign tourists coming to India are required to declare their foreign exchange and currency to the customs authorities if the value of currency notes exceed US $2,500 or if the aggregate value of the foreign exchange including currency notes exceeds US $10,000 or an equivalent amount.

As foreign exchange rates fluctuate continuously, tourists must check for the rates prevailing at the time of their travel.

Foreign currency can be changed at international airports and with approved money changers. Nationalized banks as well as private international banks also offer money changing facility. However, such facilities may not be available in smaller towns.

Conversion Chart for Major Currencies
Foreign Currency	Rupees
Australian Dollar	32.50
British Pound	78.60
Canadian Dollar	35.40
ECU-Euro	54.65
Hnog Knog Dollar	6.05
Japanese Yen	0.4020
Malaysian Ringget	13.15
South African Rand	6.40
Swedish Krona	5.95
Swiss Franc	35.25
Thai Baht	1.13
US Dollar(Subject to variation)	47.45

Examples of larger nationalized banks in India are State Bank of India, Union Bank of India and Canara Bank. Many international banks like Citibank, HSBC and Standard Chartered also have branches in India.

In India, banks usually remain closed on Sundays and other government gazetted holidays. However , money can easily be secured from ATM'S if tourists have such cards in their possession. Recognized hotels also offer money changing facility but may charge a substantial fee. All international credit cards are accepted in India. This includes Diners, American Express, Master Card and Visa. Cards can also be used for shopping and buying air or railway tickets. If tourists run out of cash in smaller towns and if ATMs are also not available, some hotels and vendors may be approached who swipe the card and give tourists an equivalent amount of cash. However, they charge a fee for the services which is usually 10 percent of the given amount. Though this is an unethical practice, it is resorted to in some places. Anyway, tourists have no other option if they run out of money!








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