India's exchange rate policy and control

This article by S Tarapore originally printed in the Business Standard looks at India's exchnage rate policy and control.

__________________________________________________

In the recent period Governor Bimal Jalan has raised the debate on monetary and exchange rate policies at the Asia Pacific Congress and the Deshmukh Lecture. He refers to the unholy trinity of full capital account convertibility (CAC), monetary independence (for inflation control) and a stable currency. The corner solutions