Currency rules Currency Import regulations:

Foreign currencies : unlimited. However, amounts exceeding USD 5,000.- (or equivalent) in cash, or USD 10,000.- (or equivalent) in traveler's cheques must be declared; Local currency (Indian Rupee-INR): Import of INR is prohibited, except for residents of India importing up to INR 7,500.-.

Foreign currencies include currency notes, traveler's cheques, cheques, drafts etc. (Re)exchange only through banks and authorized money exchange points.

Currency Export regulations:

Foreign currencies : up to the amount imported and declared. Local currency (Indian Rupee-INR): INR 7,500.- for residents of India, except when departing to Bhutan and Nepal. For residents departing to Bhutan and Nepal: no limit in amount of INR but notes no bigger than INR 100.- may be carried.

Foreign currencies include currency notes, traveler's cheques, cheques, drafts etc. (Re)exchange only through banks and authorized money exchange points.

Source:http://www.iatatravelcentre.com/IN-India-customs-currency-airport-tax-regulations-details.htm