India Snubs the Dollar
Posted on Nov 16, 2007
The dollar has simply fallen too low for India, which will no longer accept the greenback at its many tourist sites, including the Taj Mahal. Tourism ministry officials said they had to move quickly in order to protect Indian revenues from the dollar’s free fall. Remember when the dollar was like gold in the developing world?
The ruling is due to be implemented next week. Entrance fees to the sites in question will be either 250 rupees ($6.35) or 100 rupees ($2.54).
“These rates have been fixed in line with international practices, and in order to take care of the fluctuation in the dollar rates,” a spokesman for the Ministry of Tourism told the BBC.
Officials say the ministry wanted to act fast so that the revenues are not hit.