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International Admissions - About Indian Currency / Bank

Indian currency

Indian currency is known as Rupee abbreviated as INR. The Indian money is available in denominations of 1, 2, 5, 10, 20, 50, 100, 500 and 2000.

One rupee consists of a hundred paise which are in denominations of 10p, 25p and 50p. However, these paise are rarely used.

Coins are available for 1, 2 and 5. Changing money in India can be a very cumbersome process especially in small towns, thus the students are advised to change a substantial amount at one time.

All the banks do not accept Travelers' cheque. Make sure to change the money at accredited bureaus only; changing at any other place is illegal and also runs the risk of being counterfeit.

Foreigners have no restrictions on the amount of foreign currency or travelers' cheque and they can import any amount, provided he/she has filled a declaration form on arrival. This will help in exchanging your currency at the time of arrival as well as the taking back your unspent currency at the time of leaving.

Money can be easily changed at the airport, some hotels and several branches of International foreign exchange providers

Bank Account

Loni has two nationalized banks in its close vicinity viz: State Bank of India and Central Bank of India with ATM card facility wherein both master card and visa card can be operated.

When you open a bank account, you can get an ATM card and internet and telephone services linked to the account. Under anti-money laundering legislation, banks are required to carry out a stringent check of their customers' identity.