Located in Southern Asia between Burma and Pakistan, India handles the same international currencies that any modern nation does, including the American dollar and Euro. However, it also has its own currency.
Description
The Indian currency is the rupee and is available in paper denominations of 1, 2, 5, 10, 50, 100, 500 and 1000. Coins are available for 1, 2 and 5 rupees. It is commonly abbreviated as follows Re 1, Rs 2 and Rs 1000.
Paise
One rupee consists of 100 paise, which is available in denominations of 10p, 25p and 50p. This type is rarely used.
Restrictions
Foreigners cannot bring Indian currency into the country. Only Indian citizens may bring in small amounts. However, you can bring in any amount of foreign currency, but must fill out a declaration form if the currency notes exceed $5,000, or if notes and financial instruments exceed $10,000.
Exchange
You can exchange money at the airport and at banks, international foreign exchange offices or local moneychangers. However, changing money is difficult and time consuming. ATMs are available in larger towns and cities.
History
The first Indian coins were issued around the sixth century B.C., though the rupee coin was introduced around 1540. The modern rupee arrived in 1950, after India gained independence from Britain.
