R – Symbol of Hope - Are we heading towards Capital Account Convertibility ?


With the swelling foreign exchange reserves and the thinking towards capital convertibility in Government and Reserve Bank of India (RBI), are we heading towards Capital Account Convertibility(CAC)? By going in for "Capital Account Convertibility" any individual irrespective of their nationality will be allowed to bring in and and take back any amount of foreign currency into and out of the country , without any restriction whatsoever.

With the achievement of a new symbol for the India Rupee, India has joined the elite group of countries to have a symbol for their economy. If you have closely noticed the new symbol, it represents both Devnagari and Roman letter signifying first letter of Rupee. The two scripts make a unique symbol. The symbol truly marks a new milestone in our journey as a nation making great guns in economic growth and progress. With the swelling foreign exchange reserves and the thinking towards capital convertibility in Government and Reserve Bank of India (RBI), are we heading towards Capital Account Convertibility(CAC)? By going in for "Capital Account Convertibility" any individual irrespective of their nationality will be allowed to bring in and and take back any amount of foreign currency into and out of the country , without any restriction whatsoever.

Reference: http://lh5.ggpht.com/_S0f-AWxKVdM/TELkw7vXSjI/AAAAAAAAMyw/OQNAF2c0SYk/rupee%5B3%5D.jpg?imgmax=800


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