My advice is that you carry the lot - rupees, traveller's cheques, US$ and a card. Yes it's a pain to carry loads of stuff but it does give the greatest amount of options. Keeping it all safe is the priority. Just carry enough money with you for a few days and make sure you fully understand any charges you'll attract before you use your card. Also take copies of all your TC numbers and keep one copy back home.
Nice to share your idea. But I have used master card out of the station. It is very useful for me. I hope that You will also use it and get the enjoy of the travel.
Well, Master is substitution option. I have noticed that Most of people who ever gone for out of country , They are still use business cards such as kingfisher and other co-operatives community's cards. I am impressed to read your idea.
It totally depends on you and the expense you are gonna do. I always carry a credit card with myself whenever I am traveling abroad. Carrying credit cards along with you when going abroad has many benefits such as: you don't need to carry cash with yourself and you can stay tension free.