INR to GBP - help!

Nicko2000

Hi all.

To cut a long story short, I'm currently in India on business, and due to fly back to the UK on the 5th August.

This is my first time on any sort of business trip (and my first time outside of the UK on my own/during adulthood etc.). The trip was also very hastily arranged with not a lot of guidance. As a result, and with not knowing how much cash I needed, I ordered 40000 INR which at the time cost me around £522 (from The Currency Club). The idea was to pay for anything needed, and then claim it back through expenses at a later date.

As it turns out, I have yet to actually make any meaningful spending, as everything thus far has been met by the company. Since being here I have spent money on one taxi ride, and a small gift for the family. Needless to say I should have at least 38000 INR left by the time the trip finishes.

Having randomly googled this morning, it seems as if INR is pretty much not accepted back in the UK? I'm not sure of the exact details but it would seem as if it isn't supposed to actually be removed from India itself, which is why most places won't accept it. The only place I can find that will buy the rupees back in the UK is the place I originally purchased them, but surprise surprise the buy back rate means I'll lose over £100.

Therefore I was just wondering if anyone had any advice on what to do? Should I try and exchange them in India before leaving for the UK, or are there any places in the UK which will buy them off me? I tried googling to see if I would be able to pay them directly into my bank account but couldn't find any concrete information.

Thank you, any advice appreciated!

eDicky

It's best, of course, if you can find someone who wants to exchange their pounds for rupees, then you can exchange at the mid-market rate to mutual advantage. Otherwise your new local contacts and colleagues can perhaps point you to where you can buy pounds at a decent rate, and compare that with what you would get in UK.

Voyager2002

Ask your contacts in India: most cities have currency exchange bureaux able to sell pound notes, dollars or whatever. Be aware that you may need to provide copies of your passport and visa, perhaps other documentation. Local people should be able to advise.

If all else fails, buy gold, pearls, jewellery... you will get far greater value for money in India than in the UK on items such as these (so long as you can avoid being cheated).

JosephK

Yes, basically, I agree with Voyager2002. That's what we do if have any leftover rupees when returning, buy something we want at Indian prices especially if it's jewellery. Strictly legally, you cannot bring INR into or out of the country.

Pollycat

JosephK wrote: »

Yes, basically, I agree with Voyager2002. That's what we do if have any leftover rupees when returning, buy something we want at Indian prices especially if it's jewellery. Strictly legally, you cannot bring INR into or out of the country.

I thought you were allowed to take in and bring out 25.000 rupees.

From a March 2017 post on Tripadvisor:

From RBI website:-
Reserve Bank of India
Export and Import of Currency: Enhanced facilities for residents and non-residents
RBI/2013-14/648
A .P. (DIR Series) Circular No.146
June 19, 2014
To
All Authorised Persons
Madam/ Sir,
Export and Import of Currency:
Enhanced facilities for residents and non-residents
Attention of Authorised Persons is invited to Regulation (3) of Foreign Exchange Management (Export and Import of Currency) (Amendment) Regulations, 2009, notified vide Notification No.FEMA.258/2013-RB dated February 15, 2013 and A.P. (DIR Series) Circular No. No. 39 dated September 6, 2013, in terms of which, any person resident in India may take outside India or having gone out of India on a temporary visit, may bring into India (other than to and from Nepal and Bhutan) currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.10,000 (Rupees Ten Thousand only).
2. In view of the evolving economic conditions and with a view to facilitating travel requirements of residents travelling aboard as well as non-residents visiting India, it has been decided to allow all residents and non-residents (except citizens of Pakistan and Bangladesh and also other travellers coming from and going to Pakistan and Bangladesh) to take out Indian currency notes up to Rs. 25,000 while leaving the country. An announcement to this effect was made in the Second Bi-Monthly Monetary Policy Statement, 2014-15 released on June 3, 2014.
3. Accordingly, any person resident in India:
i) may take outside India (other than to Nepal and Bhutan) currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000 (Rupees twenty five thousand only); and
ii) who had gone out of India on a temporary visit, may bring into India at the time of his return from any place outside India (other than from Nepal and Bhutan), currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000 (Rupees twenty five thousand only).
4. Any person resident outside India, not being a citizen of Pakistan and Bangladesh and also not a traveller coming from and going to Pakistan and Bangladesh, and visiting India:
i) may take outside India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 25,000 (Rupees twenty five thousand only) while exiting only through an airport.
ii) may bring into India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 25,000 (Rupees twenty five thousand only) while entering only through an airport.
5. Authorised Persons may bring the contents of this circular to the notice of their constituents, customers and foreign counter parties concerned.
6. Necessary amendments [No. FEMA. 309/2014-RB dated June 4, 2014] to Foreign Exchange Management (Export and Import of Currency) Regulations 2000 (Notification No.FEMA.6/2000-RB dated May 3, 2000) have been notified in the Official Gazette vide G.S.R. Nos. 399(E) dated June 12, 2014, a copy of which is annexed.
7. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.
Yours faithfully,
(C D Srinivasan)
Chief General Manager
2017201620152014201320122011201020092008Archives

Voyager2002

Pollycat wrote: »

I thought you were allowed to take in and bring out 25.000 rupees.

In practice I have never been searched nor questioned when leaving India: however the chances of getting a half-decent exchange rate for rupees when in London or wherever are vanishingly small.

Pollycat

Voyager2002 wrote: »

In practice I have never been searched nor questioned when leaving India: however the chances of getting a half-decent exchange rate for rupees when in London or wherever are vanishingly small.

Yes, but I came by the information as a regular visitor to India and it was useful to be able to bring a small amount of INR out to pay for the taxi on our return.

My post was just querying the information in post #4 which I still don't think is accurate.

JosephK

Obviously rules have changed since last time I was there, about 3yrs ago, but you're still better off spending anything you have left in India. INR difficult to change at halfway decent rate in UK

Pollycat

JosephK wrote: »

Obviously rules have changed since last time I was there, about 3yrs ago, but you're still better off spending anything you have left in India. INR difficult to change at halfway decent rate in UK

The OP will be better spending them in India.
People planning to revisit may be better hanging on to them - although some people were stung last November when the Indian Government withdrew certain notes from circulation overnight.