Types of Money in India

Save

The rupee is the currency of India, although coins called "paise" still are in circulation. Paise are rare because the denomination is so small; 100 paise equals one rupee. Unlike how U.S. currency is described, the type of currency precedes the amount when describing rupees in India. Thus, it’s Rupees 5 or, to use the popular shorthand, Rs 5.

Coins and Notes

  • Paper currency in rupees is available in denominations of Rs 5, Rs 10, Rs 20, Rs 50, Rs 100 and Rs 1,000. While you can find Rs 1 and Rs 2 notes, they are rarer than Rs 1 and Rs 2 coins, according to the RBI Currency Museum. The Rs 5 note also is available as a coin. Those rarely circulated paise are available as 10 paise, 25 paise and 50 paise.

About Exchanging Money

  • U.S. dollars are readily accepted at banks in India to change currency to rupees. Because the rate for exchanging money can be higher at airports than at banks, Frommer’s suggests changing the minimum needed upon arrival. ATM machines are plentiful in big cities. When exchanging dollars for rupees, Lonely Planet advises asking the bank for smaller denominations along with larger ones, since some vendors won’t have change for Rs 500 and Rs 1,000. Ask for an encashment certificate, which is the bank’s receipt for the exchange. You might be asked to show the receipt before changing rupees back to dollars before your departure from India. Many banks and airport exchanges won’t change less than Rs 1,000 to U.S. currency.

References

  • Photo Credit Comstock Images/Stockbyte/Getty Images
Promoted By Zergnet

Comments

Resources

You May Also Like

  • Different Types of Bank Accounts in India

    Banking in India started in the 18th century, but became an important tool to facilitate the development of the Indian economy in...

  • Types of Foreign Currency

    Understanding the varied types of foreign currencies and exchange rates is a daunting but needed skill in our global world. This knowledge...

  • Types of Money Market Instruments in India

    Since the globalization initiative in 1992, India has witnessed a growth in its money markets. Financial institutions have been employing money market...

  • Types of Bonds in India

    Bonds are debt securities in which an investor purchases a bond from a government or a corporation and holds that bond until...

  • What Kind of Currency Do They Use in Greece?

    In 1981, Greece joined the European Union. One of the goals of the Union was to adopt a universal standard of currency....

  • Types of Indian Mangoes

    Mangoes are found in a variety of countries, ranging from the United States to India -- both of these countries have their...

  • Different Types of Flowers Found in India

    Indian flowers are integral to the Indian ecosystem and inseparable from the Indian culture. Ancient epic Hindu tales like Ramayana and Mahabharata...

Related Searches

Check It Out

How to Travel For Free With Reward Points

M
Is DIY in your DNA? Become part of our maker community.
Submit Your Work!