India's currency is the Rupee, abbreviated as Rs. One Rupee is equal to hundred paise. Notes are in denominations of 1, 2, 5, 10, 20, 50, 100 and 500. Coins start at 10, 20, (not used so much these days) 25, 50, paise and 1, 2, and 5 rupees. 

Notes can get disfigured, so do not accept torn or disfigured notes. In case you do get torn notes you can change them at the Reserve Bank of India or large branches of other big banks. 

It is advisable to carry a mixture of cash and traveller's cheques to guard against any situation. US dollars are the easiest currency to change with pounds sterling coming a close second. Other hard currencies such as Yen, French Francs, Canadian Dollars, Deutsche Mark can also be changed in tourist areas and big cities. A currency declaration form has to be filled out by the tourists if they enter the country with US$10,000 or its equivalent in any other currency. 

Tourists can get a relatively better exchange rate for traveller's cheques and they are safer to carry though not as liquid as cash. American Express, Visa or Thomas Cook Traveller Cheques are readily accepted. 

A growing number of hotels, restaurants and shops are beginning to accept credit cards, the well known and more accepted ones being American Express, Access or Mastercards, Diners Club and Visa. 

It is advisable to change ample amounts of money at one time and keep the encashment certificates. Encashment certificates will be needed when changing excess rupees back or for tax clearance certificates. 

Banking hours in India are from 10 a.m.-2 p.m. (Mon-Fri) and from 10 a.m.-12 noon on Saturdays. Banks at the Delhi, Calcutta, Mumbai, and Madras airports, Ashoka hotel in Delhi and the Air India building in Mumbai are open 24 hours a day. 

You can also wire money into India. These services are offered by foreign banks with branches in India and also with Indian banks with branches abroad such as the State Bank of India and Bank of Baroda.