Fuller capital account convertibility report submitted to RBI

Mumbai, Jul 31 (UNI) The Committee on Fuller Capital Account Convertibility submitted its report to the Reserve Bank of India today, which will be placed in the public domain in due course, stated a RBI release It may be recalled that the Reserve Bank of India had appointed a committee in March this year in consultation with the Government of India to set out the framework for Fuller Capital Account Convertibility. Mr S S Tarapore chaired the Committee which had Mr M G Bhide, Dr R H Patil, Dr Surjit Bhalla, Mr A V Rajwade and Dr Ajit Ranade as its members, the release added.

India's cautious approach towards opening of the capital account and viewing capital account liberalisation as a process contingent upon certain preconditions has served India well. Given the changes that had taken place over the last two decades, however, there was merit in moving towards Fuller Capital Account Convertibility within a transparent framework. There was, therefore, a need to revisit the subject and the Committee was appointed to suggest a roadmap towards Fuller Capital Account Convertibility based on current realities, said the release.

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