The official currency of India is Rupees and is abbreviated as INR. The rupee is subdivided into 100 paise, although as of 2019, the coin of denomination of one rupee is the lowest value in use. The currency in India is managed and issued by the Reserve Bank of India. The Rupee notes come into the denomination of 5, 10, 20, 50, 100, 200, 500, and 2000. However, the coins come into the denomination of 1, 2, 5, 10, and 20.
Foreign currency exchange regulations are controlled by the Foreign Exchange Management Act. They provide the freedom of buying and selling foreign currency. The rules for foreign exchange are strict. A person coming to India from abroad can bring in Indian currency notes with him up to INR 5,000 from any country other than Nepal and Bhutan.
A tourist coming into India from abroad can bring foreign currency with him in terms of currency notes, or traveler’s cheques. If the amount exceeds US$ 10,000 or its equivalent and/ or the value of foreign currency exceeds US$ 5,000 or its equivalent, then it should be declared to the Customs Authorities at the Airport in the Currency Declaration Form (CDF), at the time of arrival in India.
The foreign currency can be exchanged in India through license holder banks and money exchangers. One cannot exchange foreign currency in the bank if they do not hold an account in the bank. For tourists, authorized money exchangers are the best option as, unlike banks, a person does not require an account with them. The RBI-approved money changers are available in almost every major town and city in India and they offer attractive exchange rates. Currency exchange counters are also available at international airports 24*7. There are several online websites, which offer a simple and easy way of online money exchange in India.
Along with cash, the Deccan Odyssey also accepts Master, Visa, and American Express Credit Cards on board.