How can I convert bitcoins into Indian rupees (INR) and get them in paper rupee notes?
If someone will want to sell bitcoins for Rupees, they might list it on LocalBitcoins. It's a good start.
If you want physical cash without going through a bank then you'll find many individual traders here:
And there are offers to buy and sell posted in threads on the India board:
But as of December, 2012 there are no market exchanges that can do a domestic bank transfer, so cashing out bitcoins would incur costs as an international wire transfer.
There is an E-Currency exchange that will buy your coins (or sell bitcoins to you), including sending a bank transfer:
Here is a forum thread of one reputable trader who can also send INR as a bank transfer:
Bitcoinary has traders willing to buy BTC for INR.
INRBTC allows you to buy/sell bitcoins in Indian Currency using the unique trading platform.
Place your order details and submit. you will be asked to deposit 10% of your order value in Bitcoins, after the deposit is sent, the order will be confirmed.
As soon as your order is matched, a trade will be executed and you will be sent the trade details.
If the other party does not honor the Trade, you will be paid 5% of the order value as compensation from the counter-parties deposit.
After the successful completion of trade, the deposit will be refunded after deduction of commission.
More information about the Trading platform is available at INRBTC Info.
User reviews on using this platform is available at Reviews.
Note : A similar question has been asked at How do I transfer funds from India to an exchange? , the answer posted there has been posted here too.
Edit : BuySellBitco.in is now Zebpay. You can buy, sell bitcoins in India. Available on Android and iPhone. Get bitcoins in one working day, normally few hours. - No fees. The rate you see is all inclusive. Locked in rate. Send payment to any of our bank account which includes ICICI, HDFC, Axis, Kotak, Yes, IndusInd. - Sell bitcoins and get paid in your bank account in working day, normally same day.
Disclaimer : I am co founder of Zebpay.com
You can sell bitcoin on BuySellBitco.in We support NEFT payment to all Indian bank account same day.
- Rates are always displayed on website. You can also subscribe to twitter feed for rate update @buysellbitcoin. Published rate are final rates and you do not need to pay/add anything extra to receive your funds.
- Once you generate order via web site, you will be given a bitcoin address. Send your bitcoins to that address in 15 minutes to confirm your order.
- We pay all orders via ICICI NEFT payment, so you should have funds in your bank account in maximum 2 to 4 hours.
- our services are for verified Indian customers only. To verify you need to upload copy of your PAN card on "get verified" tab on home page.
Disclaimer : I work for buysellbitco.in