I will be landing on the 24th of January quite late in the night and I need to change currency. Can I do this at the airport in Mumbai?
I will need to do this for 5 people.
Yes there are many money changers once you go outside the terminal you will find there, I change my foreign currency there all the time without any hassle. Please see the following website as well:
How is the situation with exchanging money at Mumbai airport?
As per this circular by the RBI, the current limit for exchange of foreign currency into Indian currency is INR 5000 per week per person at any currency exchange center be it at any airport or in cities, provided, the person submits a self-declaration that he hasn't made any exchanges in that week.
Also, since online payment modes having gained momentum and ATM cash withdrawal limits being increased (up to INR 10000), the queue length won't be that long for currency exchange as it was a month ago.
I will be landing on the 24th of January quite late in the night and I need to change currency.
Note: Due to so many regulatory changes happening since demonetisation of old 500 and 1000 Rupee notes, you might have to research again for any new announcements on foreign exchange made by the RBI, the day prior to your travel.
Can I do this at the airport in Mumbai?
Yes. Unless the cash exchange centers themselves run out of cash, as even they have been directed to limit their cash reserves, in which case, you might have to do it at exchange centers inside cities.