RBI sets ball rolling on rupee float

The committee consists of the following: S. S. Tarapore, chairman, and members Dr Surjit S. Bhalla MD of Oxus Investments, M. G. Bhide former Bank of India chairman, Dr R. H. Patil former NSE managing director, A. V. Rajwade forex expert and Dr Ajit Ranade chief economist with the Aditya Birla group.

The terms of reference include:

8226; To examine implications of fuller capital account convertibility on monetary and exchange rate management, financial markets and system,

8226; To study the implications of dollarisation in India of domestic assets and liabilities and internationalisation of the Indian rupee,

8226; To provide a comprehensive operational framework, with sequencing and timing, for fuller capital account convertibility.

8226; To survey regulatory framework in countries which have advanced towards fuller capital account convertibility,

8226; To suggest appropriate policy measures and prudential safe-guards to ensure monetary and financial stability.