Exchanging Money in Mumbai during the currency changeover
 

I am in Mumbai and changing money is hard and Thomas Cook is gouging people. If you go to

the "State Bank of India", not the central bank of india or any other variation, you get the

best rates. Also when you buy your railway tickets you get a good rate. I exchanged at the

airport (wrong counter - they had 3, but only one said State Bank of India, it had the

longer line and I should have known.) Right now all you can get is the new 2,000 rupee notes

at any place (plus the odd money in 100 rupee notes.) There are no new 500 rupee notes and

all the 1000 rupee notes are being taken out of circulation on quota. DO NOT take 500 or

1000 rupee notes for change! Here are my experienced exchange rates for 100 Euros (the

Dollar is a little less)

Bad counter at airport 6,120

Thomas Crook 6,300

Hotel Desk 6,500

State B. of India 7,017 Cashed 200 Euros, probalby could have done more.

Railway Station 7,100 but you have to buy a ticket and only 100

The State B of India that I went to is on Horiman Circle.

I have heard that Goa and other smaller places is near impossible to change money - will

keep you updated. Going to Pune next week, Kolhapur, the Goa

Additionally, go to the door at state bank and tell them you want foreign exchange, international, which is on the 1st floor (2nd floor to US people and not the mezzanine in between them) You should not have to stand in line.

Thank you for the updates. Out relatives in India are having a very hard time now. My SIL who is about 72 yrs.old said its too hard to wait in the long lines. I get the idea which is to ferret out under the table money and tax it but it seems the way the govt. is going about it is poorly thought out. It looks like many will simply lose their money due tot he govts. incompetence.

I have some Indian currency left over from my last visit.So is it truly useless paper money now.

Any idea if there is a provision for tourists with old money.

Anyone know wha the situation is r/t exchange rate, for using Bank ATMs to withdraw (specifically USD Bank ATM card, withdraw in INR)? The rate that way has usually been the best

http://www.bloomberg.com/news/articl...ia-s-cash-woes

Well, this partly answers my question. ATM machines have to be converted to make room for different-sized notes! Free S'bux to the queues of people@Neve miss a marketing opportunity!!

Actually my rels in India say that use of cc is not usual like here because if you have a cc issued by an Indian bank fraud charges are on you unlike here.