India - Money & Business
The Indian rupee is available in denominations of Re1, Rs2, Rs5, Rs10, Rs20, Rs50, Rs100, Rs500 and Rs 1000. One rupee is split into a hundred paise, available in denominations of 10p, 25p and 50p. There are coins for Re1, Rs2 and Rs5.
The most meagre that your budget can get is $20 per day of your stay. You’ll struggle with dormitory accommodation, looking for cheap grub, and trying to figure out bus routes and timings but you’ll just about survive. A healthy budget in India is about thrice that. $35 a day will see you sleep in decent clean beds and wake up to an attached bathroom for morning ablutions. It’ll fetch you three decent meals, a spot of shopping and some auto-rickshaw rides. This estimate has been made keeping in mind urban India. Rates and prices vary from region to region. In the south it is easy to find great mid-rung accommodation at low rung prices even in the cities. Mumbai (Bombay) and Delhi are both quite expensive. Small temple towns will be easy on the pocket; beach bumming and wildlife moonlighting may work out dirt cheap or highly pricey. So it’s really about how you chose to do it.
The dollar goes a long way in India (the pound sterling, longer). The bare minimum is just under $15 a day while a top end holiday could blow through the roof. Make sure you bring enough for souvenirs though. Believe the hype: this is a treasure trove of a country!
Banking in India has become quite easy now. The sector has steadily opened up to privatised participation, which has bolstered the services and performance of state run entities too. Trans National banks have a sizeable presence in the larger cities, especially in the metros. There are more and more ATMs so now in India too Any Time Money is yours for the asking. In the smaller towns your banking options will be far less than in the cities. You’re likely to find only minor branches of government banks that do not offer facilities such as ATM and are unlikely to change currency other than dollars and pound sterling. Also the paperwork might run into reams if the bank is yet to computerise.
Banking hours usually are 10 AM to 2 PM Monday to Friday and 10 AM to 12-noon on Saturdays.
Bank holidays vary from region to region. Major festivals are holidays though it is unlikely that a bank will be closed for longer than 2 days in a row.
Major international credit cards are widely accepted in the cities.
Exchange your money
Changing money in India can be a tedious process so change substantial amounts at a time. Not all banks accept travellers’ cheques or currency other than dollars or pound sterling and if you find one that services your needs take advantage of it. Changing money anywhere but at accredited bureaux is illegal.
Moneychangers are open 24 hours at the airports (but these are invariably far from town) and in hotels. International foreign exchange providers have several branches in the larger cities. Smaller towns however, are likely to only have minor banks. Save up all exchange receipts (encashment certificates); these are required for visa extensions and other formalities, and when you want to convert rupees at the end of your trip.
Biz overview and hours
The major centres of business wheeling and dealing are Mumbai, Bangalore, Chennai, Delhi and Calcutta.
Some consider Mumbai the financial capital of India. Many corporate houses and India’s showbiz industry have their headquarters in this city where sophisticated executives work hard and play hard too. Bangalore, and increasingly Hyderabad, is where the technology giants are based. Balmy climate, green avenues and great infrastructure make Bangalore the ideal place to do business. A very important port and at the centre of the textile trade is the southern city of Chennai. Heavy industry and jute is the bastion of genteel old Calcutta. Once the capital of British India, the city that’s struggling under the weight of humanity refuses to let go of old world politeness. The port supports sea trade for eastern India and Nepal.
Capital city, headquarter of the Government of India, the world of busy bureaucrats; New Delhi is the place where decisions get made, deals are sealed and big contracts awarded. In the stately colonial buildings of Delhi power packs a solid punch and the biggest businesses of all are transacted.
Biz protocol
With increasing liberalisation at both the economic level and at the societal level, business protocol has begun to adhere to western standards. In the big cities expect thorough professionalism when dealing with private companies and high-ranking bureaucracy. Keep appointments, be punctual (though that’s a value that Indians are only now picking up), and shake hands if one is offered or greet with hands folded in ‘namaste’. You’ll most likely be asked questions about family and home not because anybody wants to pry but because many Indians believe that curiosity conveys concern.
There are many women executives, often top-level management. Most will not take shaking hands amiss. Some however, are still conservative. So to ensure you don’t misstep, be sensitive to how the lady greets you and respond accordingly.
Dress formally for business meetings. Women would probably be more comfortable in trousers than a skirt. Men should wear formal cotton shirts with a tie and trousers if the weather is warm. Otherwise a business suit is appropriate.
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