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Convertibilit...

Question

Convertibility of the rupee implies __________________.

A

being able to convert rupee notes into gold

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B

allowing the value of the rupee to be fixed by market forces

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C

freely permitting the conversion of rupee to other major 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 B freely permitting the conversion of rupee to other major currencies and vice versa
Convertibility implies that rupee can be converted into any other country's denomination and vice versa with the exchange rate prevailing at that point of time.

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Q. 44. Consider the following statement about Convertibility of rupee.
1. It implies convertibility of rupee into gold
2. Allowing the value of rupee to be fixed by market forces.
3. Freely permitting the conversion of rupee to other currencies and vice versa.
4. Developing an international market for currencies in India
Which of the above statement(s) is/are incorrect?

Q. Q. Consider the following statements:Which of the statements given above is/are correct?

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