Money

The Indian Rupee is the currency used in Tamil Nadu as well as throughout other parts of India. Controlled by the Reserve Bank of India, the Indian Rupee is made up 100 paise which is singularly known as paisa.

Historically, the rupee, derived from the Sanskrit word raupya, which means silver, was a silver coin. This had severe consequences in the nineteenth century, when the strongest economies in the world were on the gold standard. The discovery of vast quantities of silver in the U.S. and various European colonies resulted in a decline in the relative value of silver to gold. Suddenly the standard currency of India could not buy as much from the outside world. This event was known as “the fall of the rupee.”

Currently circulating notes:

Rules Governing Currency in Tamil Nadu

According to the Indian Constitution, any foreign traveller arriving on Indian soil can bring in any amount of currency he wishes to, including traveller cheques but this must be guided by an official declaration made at the time of his arrival to India. It is also stipulated that he should also leave with no more than the amount he had already declared himself to be carrying into the country.

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