ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Great Indian Story of Convertibility

Determination of fuller capital account convertibility is not based on the contemporary thinking of economists. It is essentially led by policy-makers' preferences and judgments.

C apital account convertibility (CAC) occupied centre stage for about six years after India announced in 1994 her readiness to accept the obligations that entail external current account convertibility. For some curious reason, the issue almost disappeared from the reforms radar till late March 2006 when prime minister Manmohan Singh asked the ministry of finance and the Reserve Bank of India (RBI) to revisit the theme of CAC. The RBI has since constituted a committee to set out a road map to fuller CAC. The composition of the committee, however, is in line with the RBIs penchant to appoint more or less the same persons in most of the committees.1

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