Goacrazy56

I have heard somewhere that India by 2010 will have convertable currency?
I have been looking for any information/links on this topic.I am trying to find out for a friend of mine if there is any truth in it.Can anyone on BE help please
cheers
GC

hemingway

I don't think there's any truth in it - I think the 'left' in India are looking at the UK & the USA, thinking see, we were right to have a closed currency - had we had a convertible/open currency, we would be in the same sort of mess as the other countries in the Western World.

Regards

Hemingway

Goacrazy56

Thanks Hemingway you are probably right but am I correct in thinking that it had been published somewhere that it was planned for 2010 that india would have an open currency??
cheers
GC

hemingway

I'm probably wrong actually, just looked on www.economywatch.com & found the following:

The Indian currency is set to be made fully convertible in phases over the five years ending 2010-2011.

Don't know how accurate that is, but it must've been an 'intention' at some point.

Regards

Hemingway.

Goacrazy56

Cheers I thought I had read it somewhere.A friend of mine who sold back to the builder is having trouble getting his cash out of India.he asked if i knew anything about the currency being open by 2010.I think they think it will be easier getting their money out if this happens??.Has they are not BE member I said Id post it on here and see if a member came back with anything.Ill send the link on to him thanks again
GC

noni

Hi Goacrazy - why does he not join and share his experience. It would be valuable to the rest of us.

Remy-Ireland

Hi All,

Also came across this,

http://www.merinews.com/catFull.jsp?articleID=139668

Goacrazy56

I think he was a member at one time Now don't shoot the messanger,he got a very cold response from certain long standing member on here.Some people are not as thick skinned as us.Ill ask him again to join again

Goacrazy56

Hi Remy many thanks I have sent the link to my friend
Great to have you back
GC

prestonjohn

the Indian Rupee was supposed to be fully convertible this year. If they have released another statement saying it will be done over 2 to 3 years starting in 2010, then i would go with that one.The Rupee`s strength at the moment lies in its non convertibility.On the open market it would get savaged. Protectionism and tariff barriers are the only thing that keeps up its value. The Indian economic miracle is just that- a miracle no one has questioned seriously for what it is.a myth based on cooked books.....

a_f_d

If you check the 'Business in India' link on the London HCI website it says something like "the Rupee is more or less fully convertable for current account items".
Also Indian residents (hah - that word again!) can remit a sum abroad each year for any current or capital account purpose. The sum has gone up year on year - it's either $200,000 or $1,000,000 now.

AndyD 8-)#
P.S. What happens to FEMA come full convertability???

Goacrazy56

Yes Andy I have thought about this what doe's happen to FEMA if the rupee becomes an open currency.Will it benefit us or have an even more detrimental effect.Who knows but It should help people get there money out who have lakhs of rps stuck in an Indian bank

Remy-Ireland

Thanks for the welcome,
Surely if the Rupee becomes fully convertable it can only be a good thing for expats especially those with property. ..................i think.

Goacrazy56

It will certainly make getting your money out of the country a lot easier.Our friend lives in hope.34lakh sat in an Indian bank is no joke:curse::curse:
|Im not sure they would want a convertable currency right now with the mess the Western Economy is in

noni

All above my head
To thick to understand it, all I know it will not work in our favour