Posted by forex at 8:52 AM
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1. Learn the different denominations of rupees before arriving in India. Bills come in denominations of 10, 20, 50, 100, 500 and 1,000. Rs 1, 2 and 5 are coins. There are 100 paise (p) in a rupee, although paise coins are rarely found these days.
2. Withdraw some cash from your bank to exchange when you get to India. Purchase some travelers cheques as well, since they can be replaced if they are lost or stolen.
3. Find a currency exchange at the airport as soon as you arrive in India. Frommer's advises that you change at least enough money to get to where you're staying, plus a little extra. Show your passport and plane ticket when exchanging money at the airport, and depending on the bank, prepare to purchase a minimum of Rs 1,000.
4. Get cash from the nearest bank or ATM. Banks have favorable exchange rates and will change travelers cheques in addition to cash, but ATMs are often more convenient and can be readily found in cities.
5. Obtain an encashment receipt from the bank or private currency exchanger. Frommer's advises that this is necessary when paying in rupees for expenses such as lodging and transportation. Before you leave the country, you will also need this receipt to re-exchange your rupees.
6. Ask for small bills whenever possible. Shopkeepers frequently do not have change for larger bills, especially Rs 500 or 1,000 notes. You will also need small bills for tipping.