India eyes capital-account convertibility

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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