Convertibility of Rupee in India on Current Account and on Capital Account Best Coaching for CBSE UGC NET 8 July 2018 https://goo.gl/i34Npu Complete Course for CBSE UGC NET Paper 1 The convertibility of a currency such as Rupee has different meanings in different times. In existing standards, it means that the country’s currency becomes convertible in foreign exchange and vice versa in the market. The definition should be seen in historical aspect of foreign currency regulation in India. Almost at the same when India got independence, the Foreign Exchange Regulation Act 1947 was enacted with the object of regulating certain dealings in foreign exchange and the import and export of currency and bullion. The focus of this act was on dealings in Foreign exchange and payments which directly affect foreign exchange resources. This act was later replaced by the Foreign Exchange Regulation, Act, 1973, which we call FERA. Later FERA was laid to rest and its successor...