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Question

Convertibility of rupee implies ___________.

A
being able to convert rupee notes into gold.
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B
allowing the value of rupee to be fixed by market forces.
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C
freely permitting the conversion of rupee to other currencies and vice-versa.
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D
developing an international market for currencies in India.
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Solution

The correct option is C freely permitting the conversion of rupee to other currencies and vice-versa.
Convertibility of rupee implies freely permitting the conversion of rupee to other currencies and vice-versa. India permits full current account convertibility of rupee but only partial capital account convertibility.

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