Question
When did the Rupee become a freely convertible currency on current account, in India ?
Answer: Option C
Answer: (c)
A currency is deemed convertible on the current account if it can be freely converted into other convertible currencies for the purchase and sale of commodities and services.
For example, if the rupee is convertible on the current account an Indian firm should be able to freely convert the rupee into Yen (JPY) to purchase from a Japanese Company.
Since August 20, 1994, the rupee has been made a freely convertible currency on the current account.
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Answer: (c)
A currency is deemed convertible on the current account if it can be freely converted into other convertible currencies for the purchase and sale of commodities and services.
For example, if the rupee is convertible on the current account an Indian firm should be able to freely convert the rupee into Yen (JPY) to purchase from a Japanese Company.
Since August 20, 1994, the rupee has been made a freely convertible currency on the current account.
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