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In the case of extreme volatility in rupee exchange rates, the RBI swings into action by purchasing/selling U.S. dollars (kept as a foreign reserve currency) to stabilize the rupee. As of 2024, the Indian rupee is a partially convertible currency. This means that although there is a lot of freedom to exchange local and foreign currency at market rates, a few important restrictions remain for higher amounts, and these still need approval.

Q: What is currency convertibility?

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• (v) The country should have comfortable current account position.
• Additionally, the INR is not a completely free-floating currency left to market dynamics.
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But now India is a fast developing country and one of the most preferred countries for investment by foreigners. India could not restrict its foreign trade as It needs togrow further. So government has allowed convertibility of rupee in phased manner on current account transactions. But full convertibility of currency for capital account transactions is still a distant dream. The Committee observed that most countries considered strong balance of payments fiscal consolidation and strengthening of financial system as the necessary prerequisites for the success of capital account convertibility.

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It indicates the extent to which the regulations allow inflow and outflow of capital to and from the country. Achieving full convertibility represents a progressive step toward creating a more open and globally integrated financial system. While challenges and considerations exist, the pursuit of fuller convertibility aligns with the broader goals of economic liberalization and globalization. Understanding the process of rupee convertibility and the transition towards greater convertibility plays a crucial role in assessing India’s economic policies and their impact on international trade and capital flows.

• A currency with current account convertibility can be converted to any foreign currency at existing market rates for trade purposes for any amount.
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• Officially, the Indian rupee has a market-determined exchange rate.
• A fully convertible rupee would improve employment and consumer opportunities, help Indian businesses raise foreign capital, and allow India to become a global economic player.

In context of large capital flows and the upshots of previous modifications during the last few years, GOI and RBI have recently done some additional amendments. Convertibility of a currency is a key feature of an open economy. It facilitates international trade, foreign investment, and overall integration with the global economy. For India, moving towards greater convertibility has been a part of its economic reforms. The question asks about the meaning of convertibility of the Indian Rupee (INR). Convertibility refers to the ease with which a country’s currency can be exchanged for other currencies.

There was easy access to forex for studying or traveling abroad, and, depending on the industry, there were fewer restrictions on foreign business and investments. The Indian rupee (INR) is a separate currency from the Nepalese rupee or the Pakistani rupee. Currency convertibility is an important part of global commerce because it opens up trade with other countries. Having a convertible currency allows a government to pay for goods and services in a currency other than its own. Having a nonconvertible currency makes it harder for a government to participate in the international market because these transactions generally take longer to execute. Convertibility is the ease with which a country’s currency can be converted into gold or another currency through global exchanges.

This is why; it is generally introduced after experimenting with the convertibility on current account. A currency with current account convertibility can be converted to any foreign currency at existing market rates for trade purposes for any amount. This allows for easy financial transactions for the export and import of goods and services.

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Encouraged with the success of the LERMS, the government introduced the full convertibility of Rupee in Trade account(means only merchandise trade no service trade)from March 1993 onwards. With this the dual exchange rate system got automatically abolished and LERMS was now based upon the open market exchange. The full convertibility of Rupee was followed by stability in the Rupee Rate in the next many months coming up. The convertibility of a currency such as Rupee has different meanings in different times. In existing standards, it means that the country’s currency becomes convertible in foreign exchange and vice versa in the market.

This measure enabled Indian exporters and Indian workers abroad convert 100% of their foreign exchange earnings at the market rates. Capital account convertibility allows the individuals of a nation to invest in abroad by easily converting their rupees into foreign exchange at the rates determined by the Market. This enables those potential domestic investors to acquire & own the assets in abroad. Convertibility of currency means when currency of a country can be freely converted into foreign exchange at market determined rate of exchange that is, exchange rate as determined by demand for and supply of a currency. For example, convertibility of rupee means that those who have foreign exchange (e.g. US dollars, Pound Sterlings etc.) can get them converted into rupees and vice-versa at the market determined rate of exchange.

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Please note that the concept of Capital Account Convertibility convertibility of rupee implies was coined by RBI and CAC is now almost synonymous with the SS Tarapore Committee. Capital account is made up of both the short-term and long-term capital transactions such as investments in financial and non-financial assets. The Capital Transaction may be Capital outflow or capital inflow. In 1992, liberal economic reforms were introduced that impacted the way forex transactions were conducted. Exporters and importers could exchange foreign currencies for the trade of unbanned goods and services.

Today we have a market determined exchange rate system, but during those times, RBI used to dictate its Official Exchange Rate on which Indian currency could be converted into foreign currency and vice versa. All transactions in foreign exchange were governed by this official rate of exchange. An importer who wanted to import from abroad was supposed to buy dollars at the RBI dictated rates. Similarly, an exporter who just got dollars was supposed to sell them to RBI appointed Authorize agents at RBI decided rate. It is current account convertible but not capital account convertible. Smaller amounts can be freely exchanged or converted, which is useful for smaller transactions like foreign travel or buying goods from other countries.

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