Added: 02/13/2006 |
Get some information about Indian currency before travelling to IndiaBounded by the majestic Himalayan ranges in the north and edged by an endless stretch of golden beaches, India is a vivid kaleidoscope of landscapes, magnificent historical sites and royal cities, misty mountain retreats, colorful people, rich cultures and festivities.
The timeless mystery and beauty of India has been waiting for you for 5000 years, always warm and inviting, a place of infinite variety - one that favors you with different facets of its fascination every time you visit India.
The official Indian currency is Rupee (a.k.a. Rupaya, Ruppai), the name derived from its silver coin predecessor. A Rupee is divided into 100 parts, each of which called a Paise. Paise is sometimes referred to as Naya-Paise, meaning the "new-money", a habit continued from when India became free from British -- when the new country introduced new currency, people used Naya-Paise to distinguish it from the old currency.The issuance of the currency is controlled by the Reserve Bank of India. The most commonly used symbol for the Rupee is Rs.
Rupee today is a week currency. The rupee dollar rate is around fifty to one. So a Paise has become such a small currency that it costs the economy huge amounts of money and effort to keep track of it. Nevertheless coins start at 10, 20, (not used so much these days) 25, 50 paise. Coins are also available for one, two, and five rupees.
Because of the smallness of the Indian currency, it is very common to hear the word Lakh of Rupees in India, which means 100,000 Rupees. A Crore of Rupees indicates one hundred Lakhs or ten million Rupees. An Arab forms one billion.
In most parts of India, the Rupee is known as Rupaye, Rubai, or one of other terms derived from the Sanskrit rupya, meaning silver. However, in the Bengali and Assames languages, spoken in Assam, Tripura, and West Bengal, the Rupee is known as a Taka, and is written as such on Indian banknotes.
Historically, the rupee was a silver coin. This had severe consequences in the nineteenth century, when the strongest economies in the world were on the gold standard. The discovery of vast quantities of silver in the United States and various European colonies resulted in a decline in the relative value of silver to gold. Suddenly the standard currency of India could not buy as much from the outside world. This event was known as "the fall of the Rupee."
If you travel to India you should know that any money in the form of travelers? cheques, drafts, bills, cheques, etc. which tourists wish to convent into Indian currency should be exchanged only through authorized money changers.
Tourists are warned that changing money through unauthorized persons is not only illegal but also involves the risk of receiving counterfeit currency. To exchange foreign money other than through banks or authorized money changers is an offence. Please, note that no Indian currency whatsoever can be imported or exported, except for Rupee travelers? cheques.
There are 24 hour exchange facilities available at all big cites and international airports.
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