Money in India - Tourist Basics

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#106 Dec 10th, 2016, 18:55
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#106
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Originally Posted by ViShVa View Post As I'd said earlier, being able to buy INR with forex in cash, officially outside of India, is news to me, if it exists. I'm keen to know of people's experiences.
Depends what you call "official." If I sell you table it is official. Cash is only a commodity.
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#107 Dec 10th, 2016, 22:38
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#107
You could buy/sell INR at DXB airport before demonetisation.

I did pass through DXB airport 4 times in the last 3 weeks. Didn't check if INR was available. However there was definitely an INR /AED/INR exchange rate in the exchange rates board.

It has always been possible to buy rupees in the UK. They are not usually advertised but most travel agents would give contact details of agents/people who can give rupees in exchange for GBP

Not sure whether these still work at the moment .
#108 Dec 10th, 2016, 22:39
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#108
The forex counters at Frankfurt Airport have always been buying and selling rupees. Once there are enough of the new notes in circulation they'll be back at it.
#109 Apr 25th, 2017, 15:21
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#109
I don;t know about convertibility of Indian Rupee in the 60's but it has been "not convertible" since the 70's until it was made convertible for capital accounts.

I think convertibility, is more meaningful in the context of "hard" currency such as US/AU/SING/NZ dollars, Euro, Pounds and Yen etc.

Indian Rupe pwas used in quite a few Sheikhdoms and Emirates well into the late 60s. Demand for INR probably persisted even though the Rupee was not officially convertible.

Govt f India can regulate currency markets inside its borders but if people wanted to buy and sell Rupees, I don't see what Indian govt can do or any other govt would want to do unless it was used in money laundering and terror funding. Hawala trade, which invariable involves forex, flourished inside and outside India.
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Talking to the members of Flat Earth Researcher's Society"
#110 Oct 31st, 2017, 02:53
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#110
Does anyone know if this has changed? Are we allowed to take rupees into India as a non-Indian citizen?
I know my local foreign currency exchange has rupees. Perhaps I should just exchange enough to carry me over for a few days and get the rest when I am there?
#111 Oct 31st, 2017, 03:16
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#111
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Originally Posted by cobb87 View Post Does anyone know if this has changed? Are we allowed to take rupees into India as a non-Indian citizen?
I know my local foreign currency exchange has rupees. Perhaps I should just exchange enough to carry me over for a few days and get the rest when I am there?
Quote:
Originally Posted by cobb87 View Post Does anyone know if this has changed? Are we allowed to take rupees into India as a non-Indian citizen?
I know my local foreign currency exchange has rupees. Perhaps I should just exchange enough to carry me over for a few days and get the rest when I am there?
Nothing has changed except the shortage of new currency is long over. Tourists are rarely searched and so bringing INR in excess of allowed amounts is possible, but there is no good reason to do so. Even if your local exchange has the new Rupee notes, they will overcharge you, it's quite unnecessary.
#112 Nov 1st, 2017, 00:16
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#112
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Originally Posted by RPG View Post Nothing has changed except the shortage of new currency is long over. Tourists are rarely searched and so bringing INR in excess of allowed amounts is possible, but there is no good reason to do so. Even if your local exchange has the new Rupee notes, they will overcharge you, it's quite unnecessary.
Thanks. I just figured it might be 'cheaper' to get it here than at the airport in Delhi where I am sure they will also over charge you, and there will undoubtedly
be a long line up. If I bring some with me we can immediately grab a cab and get to our hotel.
#113 Nov 1st, 2017, 01:22
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#113
There are ATMs at the airport that can be used to get cash - most with Rs. 10 K max. The charge and exchange rate, I think, would be same for all ATMs for that bank irrespective of the location.
#114 Nov 1st, 2017, 01:49
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#114
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Originally Posted by cobb87 View Post I just figured it might be 'cheaper' to get it here than at the airport in Delhi where I am sure they will also over charge you, and there will undoubtedly be a long line up.
No, it won't be cheaper to buy INR in a country where there is a restricted supply, brought out of India illegally.

And while there could by chance be a long line at the airport currency exchange, it is not very likely, because everyone has ATM cards nowadays. You will be one of the few people trying to exchange old-fashioned foreign cash.
#115 Nov 1st, 2017, 08:57
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#115
Hi,
I always prefer to have a little of the local currency on arrival. I believe that you will be able to bring some Rupees to India with you, quite legally nowadays.
If you can get 20-40 worth, for myself, it is worth paying extra for the convenience of being able to grab a taxi and get to the hotel ASAP.

Edwin.
#116 Nov 1st, 2017, 11:38
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#116
The Reserve Bank of India has eased the regulations so that Indian citizens as well as foreigners (except citizens of Pakistan and Bangladesh) can take out and bring back in up to INR 25,000 in cash.

https://rbi.org.in/scripts/Notificat...d=10268&Mode=0

INR 25,000 is far more than enough for any immediate needs you might have such as taxi, food, etc., before you need to get to an ATM.

In my experience of fairly frequent travel to India in recent years, the customs folks don't really care much about currency being imported. They are much more interested in gold imports (smuggling).
#117 Nov 1st, 2017, 14:34
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#117

Money in India - Tourist Basics

They care about large amounts, and the newspapers still have occasional stories of people being caught. But usually foreign currency... Perfectly legal if declared, but this is people who want to get large amounts of money into the country with zero official notice.

Thanks for the 25k reminder... It's one of those things that stayed the same and then changed confused.

25k is still quite a lot of money in India. It might get a person through their first week or more! A day or two, even for 5-star travellers.

I agree with Ed that it is worth having a day's money even if the exchange rate was not that great. People say it's not that great at airports either.
#118 Nov 13th, 2017, 02:28
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#118

UK availability of INR

I would agree that its helpful to arrive with some Rs., just to save the hassle of splitting large notes from the ATM on arrival. I carry small amounts in/out without hassle. In the UK I know https://www.thomasexchangeglobal.co.uk/ sells INR, the rate is not great however OK if ordering a small quantity. Otherwise, for UK at least, the cheapest way of getting cash is a Pre-Paid Currency card (loaded with GBP) used in ATM's. Some providers (not all) absorb all ATM fees and give decent exchange rates. Another UK option (I used in demonitisation) is to purchase a INR Pre-paid Currency Card from ICICI Bank Ltd, London. The 'rules' are complex, bit of a hassle KYC wise and it auto-expires after a few months. The exchange rate to load it was good and the other advantage is that taking cash from ICICI ATM's is definitely free
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