Indian Economy: Growth -2

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<b>India to Make Currency Fully Convertible</b> <!--QuoteBegin-->QUOTE<!--QuoteEBegin-->S.S. Tarapore, a former deputy governor of the bank, will head the committee comprised of economists and officials, the central bank said. The panel is likely to begin the review process May 1 and submit its findings by July 31.

India's rupee is only partially convertible, meaning that most capital account transactions — investment money flowing in and out of the country — are subject to approval by the central bank. Other transactions related to merchandise trade are handled at market rates and without official approval.
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