India eyes capital-account convertibility



Indian authorities took a step towards further foreign exchange liberalisation by forming a committee to establish a framework for fuller capital-account convertibility.

The committee - set up by the country's central bank, the Reserve Bank of India (RBI) - will provide a medium-term operational framework that will include sequencing and timing of fuller convertibility on the capital account. The committee will start work on May 1 and is expected to submit a report by July 31.

"Economic reform