report of the committee on fuller capital account convertibility

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1、ReportoftheCommitteeonFullerCapitalAccountConvertibility.July31,2006Shravana9,1928(Saka)TheGovernor,ReserveBankofIndiaMumbaiDearSir,WesubmitherewiththeReportoftheCommitteeonFullerCapitalAccountConvertibility.Yoursfaithfully,S.S.TaraporeChairmanSurjitS.BhallaM.G.BhideR.H.PatilA.V.RajwadeAjitR

2、anadeCONTENTSPage1.INTRODUCTION12.OVERVIEWOFFULLERCAPITALACCOUNTCONVERTIBILITYANDCOMMITTEE’SAPPROACH53.REVIEWOFCAPITALACCOUNTLIBERALISATIONININDIASINCE1997154.CONCOMITANTSFORAMOVETOFULLERCAPITALACCOUNTCONVERTIBILITY215.INTERACTIONOFMONETARYPOLICYANDEXCHANGERATEPOLICY376.DEVELOPMENTOFFINANCIA

3、LMARKETS437.REGULATORYANDSUPERVISORYISSUESINBANKING618.TIMINGANDSEQUENCINGOFMEASURESFORFULLERCAPITALACCOUNTCONVERTIBILITY889.OBSERVATIONS/RECOMMENDATIONSOFTHECOMMITTEE124NotesofDissent145AnnexIAMemorandum155IBListoforganisationswithwhomtheCommitteehaddiscussionsorreceivedmaterialasalsoalisto

4、fpersonswhoprovidedmaterial/helptotheCommittee157IICountryMacroeconomicData158IIIExtantStatusontheCapitalAccount177LISTOFABBREVIATIONSADAuthorisedDealerAMLAnti-MoneyLaunderingASAccountingStandardBEBudgetEstimateBoPBalanceofPaymentBRBankingRegulationCACCapitalAccountConvertibilityCADCurrentAc

5、countDeficitCARCapitalAdequacyRatioCBLOCollateralisedBorrowingandLendingObligationCCILClearingCorporationofIndiaLtd.CDCertificateofDepositCMECapitalMarketExposureCPCommercialPaperCRCurrentReceiptsCRARCapitaltoRiskWeightedAssetsRatioCRRCashReserveRatioDGADurationGapAnalysisDSRDebtServiceRatio

6、ECEuropeanCommunityECBExternalCommercialBorrowingEEFCExchangeEarners’ForeignCurrencyEMEsEmergingMarketEconomiesFATFFinancialActionTaskForceFCACFullerCapitalAccountConvertibilityFCNR(B)ForeignCurrencyNon-Resident(Banks)FDIForeignDirectInvestmentFEMAForeignExchangeManagementActFIIForeignInstit

7、utionalInvestorFIMMDAFixedIncomeMoneyMarketandDerivativesAssociationFRAForwardRateAgreementFRBMFiscalResponsibilityandBudgetManagementActFSIFinancialSoundnessIndicatorsGDPGrossDomesticProductGETFGoldExchangeTradedFundsG-SecGovernmentSecurityHRDHuma