Monetary changes, any affect on foreign exchange?

#1 Dec 29th, 2016, 08:57
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#1
Has the current situation had any affect on the ability for foreigners to change their foreign currency (ie:$ US) into rupees? Is foreign currency exchange still as easy as before? Are there any limits on the amount you can exchange? I'm going to India in two weeks and will need to exchange dollars. I do not wish to use ATM's because of the current limits, and my home banks absurd fees. I would appreciate any feedback from current experience.
#2 Dec 29th, 2016, 10:56
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As of today one can exchange foreign currency upto Rs 5000/- per week ($, , etc into Rs).
#3 Dec 30th, 2016, 06:48
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I just saw a report on the web that the government has announced that on January 1, 2017 the ATM limits will return to the old limits before demonetization. This is indeed good news. Will the limit on foreign exchange be changed ? Has anybody heard about this?
#4 Dec 30th, 2016, 11:00
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If anyone hears about it, it will be mentioned at http://www.indiamike.com/india/money...4/#post2006773
#5 Dec 31st, 2016, 18:41
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Arriving in Tamil Nadu, Madurai in Mid January. How are the ATMs now? And in other places? Then going to Jaipur. Would it be better to bring dollars sterling or euros. It sounds as though the exchange rate is terrible on all of these currencies. Any ideas on getting low value rupee notes?
#6 Dec 31st, 2016, 19:02
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Originally Posted by Zahonado View Post Would it be better to bring dollars sterling or euros. ...
I think the usual answer still applies: bring your native currency to avoid taking multiple hits on foreign exchange.

The problem is not with the foreign currency: it is with the availability of Rupees.

At this time, some say that things are improving, but no-one knows when the normal situation of being able to simply walk up to an ATM and draw cash will return.
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#7 Jan 4th, 2017, 17:03
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#7
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Originally Posted by thomasba View Post Thought I'd give an update here rather than have it buried in political discussion/etc in the big thread.

It's not difficult to exchange cash in Delhi it just comes down to how much you're willing to pay. I've heard it's easier to get a good rate on US dollars but have no experience in that regard.
There's plenty of working ATMs in/around Connaught Place just look for queues of 10-50 people (10 AM had 10-20 people mostly but from what I noticed they grew as the day went on, it being Monday might've had some influence). I've only been able to get a single 2000 Rs note the 4 times I've used one.
As far as exchanging euros goes. Today I got 5000 Rs from one of the banks (South bank I think?) there at a rate of 70. This is available once per week as of now. You may be able to get another 5000 in another bank if you lie as I doubt they share information (they didn't write in my passport). Generally as a foreigner you can skip the queue at the banks just ask for foreign exchange, even if it's not available you can use the ATM inside if there is one (ICICI at Connaught Place does).
I then went to the actual official tourist bureau/ministry office there. There's a road sign etc and it's a proper office with 4 or 5 desks and no nonsense. There's yet another somewhat convincing lookalike travel agent nearby but you'll quickly realize you're in the wrong place when they start pushing their agenda (selling you train/flight/trips at a "discount" usually to Rajasthan - play along and make sure you get free chai before you get out of there.
In the actual tourist office I got referred to the central bank in the Ashok hotel where I was allowed to exchange another 200 euros to 13400 Rs in the shape of 26 brand new shiny 500 Rs notes that is a rate of 67. Now unless you use the metro or walk there if you're nearby that might not be worth your while as you can get a rate of 65 at the unofficial forex dealers, most will offer you 62-63 but when you decline some of them will up their offer. I've found 10-20 such dealers in/around Paharganj and Connaught Place but haven't used any of them.

TL ;DR bring enough foreign currency and you won't have any problems as long as you're willing to settle for mediocre exchange rates.
With about 20000 Rs in cash now I feel confident enough about moving on from Delhi now. Will report from my next destination.
I'm in the south now away from the coast/big destinations where things appear to be more difficult.
#8 Jan 6th, 2017, 00:25
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#8
Forex eu/rupees: 1:65-69
usd/rupees: 1:62-65
stay low, stay budget, stay veg
#9 Jan 6th, 2017, 07:00
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Forex eu/rupees: 1:65-69
usd/rupees: 1:62-65
In Marathi, manjay kaiy (meaning what).?
#10 Jan 6th, 2017, 16:53
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#10
ok, one more time, rates, depend of Forex
1 euro = 65 rupees, or 67 rupees
1 dollar = 62 rupees, or 65 rupees
here, at Mahabalipuram


sorry for shortcut
#11 Jan 7th, 2017, 09:39
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#11
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Originally Posted by trax1969 View Post ok, one more time, rates, depend of Forex
1 euro = 65 rupees, or 67 rupees
1 dollar = 62 rupees, or 65 rupees
here, at Mahabalipuram


sorry for shortcut


How many euro's did you change ?
Do they have a max you can exchange in one transaction ?
Cheers Red.
#12 Jan 7th, 2017, 09:51
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#12
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Originally Posted by redninja View Post How many euro's did you change ?
Do they have a max you can exchange in one transaction ?
Cheers Red.
As of today a foreign tourist can exchange foreign currency to get a maximum of Rs 5000/- per week. So it would depend on the currency and exchange rate to determine how much you can exchange in one transaction.
#13 Jan 7th, 2017, 17:24
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Originally Posted by aarosh View Post As of today a foreign tourist can exchange foreign currency to get a maximum of Rs 5000/- per week. So it would depend on the currency and exchange rate to determine how much you can exchange in one transaction.
but you can do it more than one, at the different Forex. I think, i doubt someone control it.
#14 Jan 7th, 2017, 17:27
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As per RBI instructions, the place where the foreign currency is exchanged has to make a note in the passport of the date when the currency was exchanged. It is a different matter if they don't make a note.
#15 Jan 7th, 2017, 17:32
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#15
have no any note at my passport, even from airport
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