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Pranay SB

· started a discussion

· 1 Months ago

Ambiguity: (Question: 210213.0 )

In the same test series you have give 1993 as the answer... what should I believe?

Question:
When did the Rupee become a freely convertible currency on current accounts, in India ?
Options:
A) In 2000
B) In 2001
C) In 1994
D) In 1999
Solution:
Ans: (c) In August 1994, the Government of India declared full convertibility of the Rupee on Current account with announcing some relaxations as per requirements of the Article VIII of the IMF. 

Knowledge Expert

· commented

· 1 Months ago

Dear Student,

1994 is correct, go through it.

In August 1994, the Government of India declared full convertibility of Rupee on Current account with announcing some relaxations as per requirements of the Article VIII of the IMF. These were:

• Repatriation of the income earned by the NRIs and overseas corporate bodies of NRIs in a Phased manner in 3 years period.

• The ceiling for providing foreign exchange for foreign tours, education, medical treatment, gifts and services was made just an indicative. Above this ceiling, foreign exchange could be obtained for payments, while making a reference to RBI.

• While the Principal amount on the NRNR (Non Resident Non Repatriable) Accounts was non repatriable, the interest was made repatriable.

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