India On Verge Of Achieving Capital Account Convertibility: RBI Deputy Governor
NDTV
India is on the verge of achieving its long standing target of capital account convertibility, RBI deputy governor T Rabi Sankar said
India is on the verge of achieving its long standing target of capital account convertibility, deputy governor of the Reserve Bank of India (RBI) T Rabi Sankar said on Thursday.
Addressing an event of foreign exchange dealers association, Mr Sankar said that the capital account convertibility rate has increased in the country.
Capital account of any country records the net changes in its foreign assets and liabilities, while convertibility refers to the ability to convert domestic currency into foreign currencies and vice versa for making payments for balance of payments (BoP) transactions.
BoP refers to financial transactions undertaken by a country with other nations across the world during a particular period of time, normally one year.
