RBI ushers in capital controls to protect rupee4 min read . Updated: 15 Aug 2013, 04:01 PM IST
Central bank partially rolls back rupee’s convertibility; imposes capital controls on resident Indians
Mumbai: In a bid to protect a depreciating rupee against the dollar, the Reserve Bank of India (RBI) on Wednesday partially rolled back the currency’s convertibility and imposed capital controls on resident Indians. The objective is to stem dollar outflow from the country at a time when the greenback is in short supply, but the decision effectively undoes key reforms of the past two decades that removed capital controls.
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