![]() ‘Internationalisation’ implies that the rupee can be freely transacted by both resident and non-residents, and can be used as a reserve currency for global trade. ![]() Please contact us if you are unsure of the validity of your INR banknotes.In December 2022, India saw its first settlement of foreign trade in rupee with Russia – as part of the ‘International Settlement of Trade in Indian Rupee’ mechanism initiated by the Reserve Bank of India (RBI) in July last year.Īmid talks towards finalising a free trade agreement with India, Bangladesh is also considering the settlement of bilateral trade in Indian rupees.Īlmost a year ago, the RBI’s report on currency and finance had said that the ‘internationalisation’ of the rupee is “inevitable.” Online purchases can be made in valid ₹2,000 banknotes only. We have however recommenced trading with all valid ₹50, ₹100 and ₹2,000 banknotes, and the newly issued ₹500 banknote in store. Important note: Due to the Reserve Bank of India's demonetisation of the ₹500 and ₹1,000 banknotes in November 2016, Travel Money NZ is no longer able to accept these banknotes. Want to see how far your INR will go? Check out our India Travel Money Guide for expert tips and destination costs.In 2014, Zimbabwe added the Indian rupee as legal tender due to strong trade ties between the two countries.As of 2011, only 50 paise coins are legal tender in India (there used to be a 25 paise coin in circulation).INR is named after the silver coin, the rupiya, first issued by Sultan Sher Shah Suri in the 16th Century.Each INR banknote has its amount written on it in 17 languages.Unless you’re an Indian citizen or permanent resident, you’ll need to exchange the rest of your money into rupees on arrival. It’s important to note that visitors to India can only bring up to ₹25,000 into the country.
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