Govt to release Rupee float report in due course

Mumbai, July 31 (UNI) The Reserve Bank of India (RBI) today said it would release a much-awaited report on fuller capital account convertibility in due course.

An RBI release issued here today said, compiled by a six-member committee appointed by the Central Bank in March, was delivered to the RBI as expected on Monday in a step towards what could become India's biggest reform in more than a decade.

The committee, headed by former Deputy Governor S S Tarapore, began working on the report after Prime Minister Manmohan Singh requested a roadmap to greater convertibility last March saying India's economic condition had become far more comfortable in the past few years.

RBI gave no more details about the report or when it would be made public, saying only that India's cautious approach to opening the capital account had served the economy well but given changes in the past two decades there was merit in moving towards fuller convertibility within a transparent framework.

Therefore, there was a need to revisit the subject and the Committee was appointed to suggest a roadmap towards Fuller Capital Account Convertibility based on current realities, it said adding that RBI provided the Secretariat to the Committee.

UNI SN MJ AW1952