- The Nepalese Rupee is officially pegged to the Indian rupee like in Bhutan.
- Other countries include Bangladesh, Maldives, Zimbabwe.
- Indians paid ₹263 billion as foreign exchange fees – including currency conversions.
Indians paid a whopping ₹263 billion as foreign exchange
fees – including currency conversions – in 2020, according to a study by global technology company Wise.
However, there are some countries where the Indian rupee is accepted, thereby, eliminating the need to carry Forex and pay for conversion. It is to be noted that the Indian rupee is legal tender or widely accepted in some neighbouring countries such as Bhutan and Nepal.
Here is a list of countries where you could use the Indian rupee.
Bhutan
Wikipedia
Bhutan allows travellers to use Indian rupees except for the ₹2000 currency notes. The RBI allows travellers to carry currency notes for any amount in denominations up to ₹100, while there is a cap of ₹25,000 for ₹200 and ₹500 denominations.
Nepal
Wikipedia
The Nepalese Rupee is officially pegged to the Indian rupee. Like Bhutan, the RBI allows travellers to carry currency notes for any amount in denominations up to ₹100, while there is a cap of ₹25,000 for ₹200 and ₹500 denominations.
Bangladesh
Wikipedia
Bangladesh’s trade deficit with India crossed $10 billion in FY22 due to a big jump in imports from India. Rupee has not been declared a legal tender yet here. 1 Bangladeshi Taka is equal to ₹0.81, which is widely accepted in the country amid Bangladesh’s rising imports and falling reserves.
Maldives
Wikipedia
One Maldivian Rufiyaa is equal to ₹5.33 Indian rupees but a traveller can exchange their Indian rupees upon arrival. However, in Maldives the Indian rupee does not have transactional value and it is important to carry a convertible currency like the US dollar.
Zimbabwe
Wikipedia
India was ranked among Zimbabwe’s top five export partners with trade worth $162 million in 2020. It added Indian rupee to the basket of eight currencies it uses, after discontinuing its local currency in 2009 due to hyperinflation.