New Proposed Government Bill On Road To Rupee Convertibility

REGULATORS

In light of the recent currency crisis across South East Asia, investors are beginning to shift their attention towards the relatively stable markets of India--and the Indian government has lately been undertaking steps towards full convertibility of the rupee (FXW, September 15). As part of this effort, the government unveiled the Foreign Exchange Management (FEMA) 1997 bill last month, which empowers the central bank, the Reserve Bank of India (RBI), with punitive powers to deal with offen