Money Matters in India, Banking In India, Indian Banks, Money Exchange:
All encashments of travellers cheques and exchange of foreign currency must either be recorded on the currency declaration form or receipts kept, as hotel bills, airline tickets etc.. can be paid for in local currency only against proof of legal conversion. Encash ment certificates are also required for recon version of Indian currency left unspent on departure. Visitors leaving after a stay of 90 days or more will have to produce proofs of encashment of travellers checks or exchange of currency for income tax exemption and to show that they have been self-supporting.
Indian currency is based on the decimal system, with 100 paise to the rupee. Coins are in denominations of 5, 10. 20. 25 and 50 paise. One and two rupee coins are also in use. Notes are in 1,2, 5,10. 20. 50, 100 and the rarer 500 rupee denominations. Indian rupees may not be brought in nor taken out of the country. Exchange rates fluctuate against other currencies.
Major credit cards are accepted in the larger hotels, restaurants and shops. Although travellers checks and cash can get you a better (and illegal) rate of exchange in
small establishments, it is best to deal with banks and licensed money changers. Since encashing travellers checks can be laborious, it is advisable to change amounts adequate to cover a few days' needs at a time.
BANKING
Outward remittance, which goes through the Reserve Bank of India, is a difficult and lengthy process and at best avoided. However, should you require additional money while you are in India, have it remitted through a draft or mail transfer. Do remember to keep all receipts.
------------------------------------------------------------------------------------------------
|
