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Question
At present Indian rupee is ____________.
At present Indian rupee is ____________.
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Solution
The correct option is A fully convertible in current account
Convertibility is the extent to which one form of currency or security can be exchanged for another. Presently convertibility implies such a system in which country's currency becomes convertible in foreign exchange and vice-versa.
Since August 19, 1994 Indian Rupee has been made fully convertible in current account transactions related to goods and services. Current account convertibility refers to convertibility of a currency for payment for goods and services and transfer payments.
Capital account convertibility refers to the convertibility of currency for transfer of claims to money or titles to investment.
In India we have partial rupee convertibility, i.e., the rupee is fully convertible on the current account but not on the capital account.
Convertibility is the extent to which one form of currency or security can be exchanged for another. Presently convertibility implies such a system in which country's currency becomes convertible in foreign exchange and vice-versa.
Since August 19, 1994 Indian Rupee has been made fully convertible in current account transactions related to goods and services. Current account convertibility refers to convertibility of a currency for payment for goods and services and transfer payments.
Capital account convertibility refers to the convertibility of currency for transfer of claims to money or titles to investment.
In India we have partial rupee convertibility, i.e., the rupee is fully convertible on the current account but not on the capital account.
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