Convertibility of the Rupee in Indian Economy
Indian economy was under strict foreign exchange control system in the first four decades of planning. As part of the liberalisation of the Indian economy the Government of India (GOI) started dismantling the foreign exchange control system from 1991-92 onwards. Partial Convertibility of the Rupee: In 1991-92 the GOI adopted a dual exchange rate system under which the official rate [...]