With a view to examining the various issues relating to capital account convertibility, Reserve Bank of India appoints a Committee on Capital Account Convertibility.

The Committee consists of the following:

1. Shri S. S. Tarapore Chairman
2. Shri Surjit S. Bhalla Member
3. Shri M. G. Bhide Member
4. Shri Kirit Parikh Member
5. Shri A. V. Rajwade Member

The terms of reference of the Committee will be as follows:

• To review the international experience in relation to capital account convertibility and to indicate the preconditions for introduction of full capital account convertibility.

• To recommend the measures that should be taken to achieve full capital account convertibility.

• To specify the sequence and time frame in which such meas ures are to be taken.

• To suggest domestic policy measures and changes in institu tional framework, consistent with the specified sequencing, and

• To make such other recommendations as the Committee may deem relevant to the subject.

The Committee will adopt its own work procedures and meet as often as necessary.

The Committee is expected to submit its Report by May 30, 1997.

The Secretariat for the Committee will be provided by the Reserve Bank of India.

Alpana Killawala
Deputy General Manager

Press Release : 1996-97/515