Previous year MCQs

Economy UPPSC 1995 GS-I
Question

Indian rupee has been made fully convertible on:

Answer & Solution

Answer: (Detailed Solution Below)

Option B: Current account in August, 1994

Detailed Solution:

The correct answer is “Current account in August, 1994”.
The Reserve Bank of India (RBI) made the Indian rupee fully convertible in the current account in 1994.

This means that the rupee can be converted into other currencies and vice versa for transactions related to goods and services, such as exporting and importing, trade-related expenses, and making or receiving payments for services.

Full convertibility also allows people to buy foreign currencies in the international market without prior approval from the central authority.

The current account represents a country's net income over a period of time, while the capital account records the net change of assets and liabilities during a particular year.

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