Money
CURRENCY
The unit of exchange is the rupee (Rs) and the current exchange rate is approximately
45 rupees to $1.00. Rupees come in coins of Rs 1, 2 and 5, and notes of Rs
10, 20, 50, 100, and 500. The rupee is divided into 100 paise (p) and these
come in coins of 5, 10, 20, 25 and 50 paise. Paise coins are not used that
much.
EXCHANGING MONEY
We will exchange some travelers checks or US currency at the foreign exchange
facilities at the airport when we land in India. I suggest changing about $100-$300
to start with. You will get a huge wad of money. Make sure you count it before
leaving the counter. Most will be in 500 and 100 rupee notes. Be sure to get
some smaller denominations as well. Whenever you exchange money, you will be
required
to show your passport.
ENCASHMENT CERTIFICATES
All money and traveler checks are supposed to be changed at official banks
or money changers. Make sure you are given an Encashment Certificate for each
transaction. An Encashment Certificate is a receipt for money exchanged. Keep
these receipts - they may be required when exchanging rupees back into hard for
foreign currency when you leave
India.
GET INTACT BILLS
Whenever you change money or receive change from vendors, check all the
bills you receive. Indian money is stapled together so there will be small holes
in the bills. This is ok but bills that damaged or have large holes or corners
missing are difficult to spend so be sure to ask for ones in better condition.
If you do get stuck with damaged bills, it is sometimes possible to find banks
in major cities there have separate counters which will accept damaged notes
and give you new/better notes for no charge...but this can take time and be a
hassle so better to avoid damaged bills
altogether.
ASK
FOR SMALL DENOMINATIONS
One of the most annoying things about India is that no one ever seems to
have any change, and you'll find, on numerous occasions, that you'll be
left waiting for five minutes while a shopkeeper hawks your Rs I 00 note around
other shops to secure change. So to avoid this, keep lots of small change on
hand: 1, 2, 5 and 10 rupees. Hoard whatever you get and
spend it only when necessary.
SECURITY WALLET
It is advisable keep smaller bills and change in one wallet and keep your
larger bills and passport separate in a secured place: either a money belt or
money pouch that you carry under your shirt (Eagle Creek has a few varieties)
or in an inside pocket that can be zipped or snapped. I use a safari vest and
use the zipped or snap pockets. Avoid carrying large sums of money or important
documents in a fanny pack.
Having
a separate wallet for spending money protects you from others seeing all the
money you are carrying around. Remember, some Indians only make a few dollars
a day in wages so a wad of rupees can be a tempting solution to feeding themselves
and
their family for a month or more.
If you do make a larger purchase, be very discrete about getting your money out
of its secured pocket or money pouch
CASH IN DOLLARS
It pays to have some US$ in cash for times when you can't exchange travelers
checks or use a credit card. I usually carry $100-$200
in $20 bills.
TRAVELER CHECKS
Changing traveler checks in Indian banks can take a long time and is best
avoided if possible. You can sometimes change Travelers Checks in hotels. Charges
for changing travelers checks vary
from place to place and bank to bank.
CREDIT CARDS
Do not rely on your credit card. Although you will be able to charge some
expenses at some hotels we’ll be staying at and at some stores for larger
purchases, many other hotels and stores will not accept credit cards, Always
have other means of payment available. Visa and Mastercard are the most widely
accepted cards.
ATM CARDS
ATMs are often the best way to get money in a foreign land but they are only begining to gain popularity in India so should not be counted on. Check with your
bank about locations in India and using your ATM card abroad. And be sure
to get clear on transaction charges as these can add up. For a list of ATM locations in India, go
to: Mastercard or Visa. And make sure your PIN number will work out of the country.
