I am travelling to India by the end of December.
Is there any facility at the Rajiv Gandhi International Airport of Hyderabad to buy Indian currency in exchange of foreign currency and if there is, how much can we buy?
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I am not aware about the exact amount(limitation) you can exchange from Airport Forex. Once i had exchange Euro to 50,000 rupees. But better you collect Indian rupees from Airport Forex as much as you need. Because it'll be hard to collect money from outside ATMs. You'll see a long queue at every ATM for all the time and it'll take around 1.30hrs to 2hrs as per present situation.
Best to get the Rupees either at your departure or arrival airport. In Mumbai and Kolkata airports, the lines at the ATM for longer than one hour and many ATMs in the city had signs that they were out of cash (this is around Dec 20).
Many locals have now got the new 500 Rupee notes, but I find that its inconvenient to pay for anything in usual shops using the 2500 Rupee notes since it requires the people to have many of the 100's on hand.
If you have Traveler's Checks you can use them in some larger shops and get back some cash over the amount on the check. The shops go regularly to the banks and so they have the new notes (this is large shops, not streetside vendors).