The growing international interest in the Indian rupee is evident from the development of offshore rupee markets in locations like Dubai, London, New York, and Singapore. Trading of the INR is still far lower than other currencies such as the euro. As of September 2024, INR contracts traded against the dollar an average of 11,825 times per day in 2024, compared to 198,027 contracts converted from Euro to USD.
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Four indicators should be used for evaluating adequacy of foreign exchange reserves to safeguard against any contingency. Plus, a minimum net foreign asset to currency ratio of 40 per cent should be prescribed by law in the RBI Act. Another important merit of currency convertibility lies in its self-balancing mechanism.
- It facilitates international trade, foreign investment, and overall integration with the global economy.
- This mechanism plays a crucial role in international trade, investment, and economic stability.
- (c) Indian banks would be permitted to borrow from overseas markets for short-term and long-term up to certain limits, to invest in overseas money markets, to accept deposits and extend loans denominated in foreign currency.
- In India, some decades back, the exchange rate was controlled by RBI for conversion of Indian currency into foreign exchange.
Tarapore Committee on Capital Account Convertibility
The basic objective of the GOI was to eliminate reliance upon illegal channels for such legitimate transactions. Full current account convertibility of the Rupee is in operation since the middle of 1990s. Capital account convertibility allows free mobility of Capital into a country from the foreign investors. It allows converting the foreign exchange brought into as Capital to convert into rupees at market determined rates, which makes the investors encouraging.
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Capital Account Convertibility of the Rupee:
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Among the latter, corporates and non-corporates in those countries received generally the preferential treatment. In the transition to CAC, most of these countries maintained or had to impose some controls on capital inflows. (v) Full convertibility of rupee can greatly strengthen the speculative tendencies and consequent instability in the whole system. (iv) If the full convertibility causes depreciation of rupee, the import prices are likely to increase. (iii) If there is appreciation of rupee, consequent upon its free convertibility, the imports are likely to increase and have adverse effect on BOP deficit.
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In the countries studied by the Committee, there was the removal of restrictions on inflows and related outflows by the non-residents and residents. On February 28, 1997, the RBI instituted the Committee on Capital Account Convertibility (CAC) under the chairmanship of S.S. Full convertibility of rupee was not introduced by the government as it was risky in the conditions of large deficit on current account faced by the country. Moreover, the intention was also to make the foreign exchange available at low prices for making essential imports. Officially, the Indian rupee has a market-determined exchange rate.
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(ii) If full convertibility causes appreciation of rupee, the possibility of reduction in exports cannot be ruled out. (viii) Full convertibility of rupee will enable the Indian investors to hold internationally diversified investment portfolio. (vii) The fully convertible currency can result in automatic self-balancing convertibility of rupee implies of total foreign receipts and payments. (v) As a result of full convertibility of rupee, the illegal remittance would not remain attractive and, consequently, larger remittances from abroad would take place through proper channel. (i) The convertibility or floating of rupee would indicate the true value of it.
- Currency Convertibility, encompassing both current and capital account aspects, is crucial for integrating a country’s economy with the global financial system.
- Trading of the INR is still far lower than other currencies such as the euro.
- It means that individuals and businesses can exchange the Indian Rupee for foreign currencies (like USD, EUR, JPY, etc.) and foreign currencies back into Indian Rupees without significant restrictions imposed by the government or central bank.
Rupee is both convertible on capital account and current account. Therefore, the most accurate and direct implication of rupee convertibility is the freedom to convert INR into foreign currencies and vice versa. First, we believe you should analyze your products and target clientele. Then, find your business name and note down logo styles you like. Millions of businesses in the world trust the FreeLogoDesign.org’s free logo design.
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(b) The size of the current account deficit should be within manageable limits and the debt service ratio should be gradually reduced from the present 25% to 20% of the export earnings. (a) The RBI should fix an exchange rate band of 5% around real effective exchange rate and should intervene only when the Real Effective Exchange Rate (REER) is outside the band. All current transactions of India with other countries—in respect of trade (merchandise), services such as education, travel, medical expenses, etc. and ‘invisibles’ such as remittances—are fully met through full convertibility of the Rupee into other currencies. The Rupee can be used to buy other currencies and other countries can buy Indian rupee without limit. This move was justified by India’s unprecedented success in the international sector, viz., spectacular rise in forex reserves, increase in exports, stagnation of imports in dollar terms and improvements in balance of payments on current account. (b) The size of the current account deficit should be within manageable limits and the debt service ratio should be gradually reduced from the present 25 per cent to 20 per cent of the export earnings.
Option 3 states “freely permitting the conversion of rupee to other currencies and vice versa”. It means that individuals and businesses can exchange the Indian Rupee for foreign currencies (like USD, EUR, JPY, etc.) and foreign currencies back into Indian Rupees without significant restrictions imposed by the government or central bank. The good news is you can create a beautiful logo with Design.com’s logo maker.
Though the Indian government has given indications that it is moving toward a fully convertible rupee, the timeline for that change is currently unknown. As of 2024, the Indian rupee is not capital account convertible. It is still possible to bring in foreign capital or take out local money for these purposes. However, there are ceilings imposed by the government, and transactions beyond those thresholds require approval. Capital account convertibility represents a crucial aspect of economic liberalization, facilitating increased participation in the global financial landscape and supporting both inward and outward capital flows. The careful sequencing and management of this process are vital for its successful implementation and impact on the economy.