Forex reserves to record highs in India, Pakistan
India's forex reserve has crossed a record $80 billion. This is stated to be more than sufficient to meet the country's import bill for 15 months. It may not be prudent to sit idle over the bulging forex reserves anymore.
The Reserve Bank of India and the Centre should reschedule the time-frame fixed by the Tarapore Committee for capital account convertibility, after taking into consideration the present forex reserves and move steadily towards the goal of achieving
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