Changing money in regular banks , especially government-run banks such as the State Bank of India (SBI), can be a time-consuming business, involving lots of form-filling and queuing at different counters, so change substantial amounts at any one time. Banks in main cities are likely to be most efficient, though not all change foreign currency, and some won't take travellers' cheques or currencies other than dollars or sterling (banks usually charge a percentage of the transaction while Grindlays charge Rs200). You'll have no such problems with private companies such as Thomas Cook and American Express who have offices in most state capitals.

 

In the major cities and the main tourist centres, there are usually several licensed currency exchange bureaus where the rates are not usually as good as at a bank but where there's generally a lot less hassle. In small towns, the SBI is your best bet but you may want to ask around for an alternative. Note that if you arrive at a minor airport you may not be able to change anything except cash US dollars or sterling.

Outside banking hours (Mon-Fri 10am till 2-4pm, Sat 10am-noon), large hotels may change money, probably at a lower rate, and exchange bureaus have longer opening hours. Banks at Delhi, Mumbai, Calcutta and Chennai airports , and at the Ashok Hotel in Delhi, stay open 24 hours but none of these is very conveniently located. Otherwise, there's always the black market if you're desperate.

Hold on to exchange receipts ("encashment certificates"); they will be required if you want to change back any excess rupees when you leave the country, and to buy air tickets and reserve train berths with rupees. The State Bank of India now charges for tax clearance forms.

Wiring money to India is a lot easier than it used to be. Indian banks with branches abroad, such as the State Bank of India and the Bank of Baroda, can wire money by telex from those branches to large ones in India in two working days. Western Union (information on 1-800/325-6000 in the US or 0800/833833 in the UK) can transfer cash or banker's drafts paid into their overseas branches to any one of 43 offices in India within fifteen minutes, for a typical fee of around 7.5 percent of the total amount; similar services are offered by American Express, Thomas Cook, and foreign banks with branches in India such as Standard Chartered (and Standard Chartered Grindlays) and HSBC.