RBI set up committee to evolve road map for fuller Re convertibility

Mumbai, Mar 20 (UNI) Reserve Bank of India (RBI) has set up a committee under the Chairmanship of former Deputy Governor S S Tarapore to chalk out a roadmap towards fuller capital account convertibility of the Indian currency.

The five-member committee, besides Mr Taraporre, includes Dr Surjit Bhalla (Head of IDFC), M G Bhide (former head of NIBM, Pune), Dr R H Patil (Head of UTI AMC), A V Rajwade (economist) and Dr Ajit Ranade (Planning Commission member) While the committee will adopt its own procedures and meet as often as necessary, RBI will proivde secretarial support to the body.

The body will commence its work from May 1 and is expected to submit its report by July 31 this year.

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