Committee on fuller capital account convertibility. Summery of chakravarty report on the working of the indian monetary system. The joint parliamentary committee on stock market scam and matters relating thereto may 2007. Towards global thought leadership in banking and finance annual report 20112012. Tarapore handed over its report in september 2006 on which the rbithe government is having consultations. Its time to revisit the recommendations of tarapore committee reports on capital account convertibility. Capital account convertibility or cac is a monetary policy that centers around the ability to conduct transactions of local financial assets into foreign financial assets freely and at. National priorities amidst an international crisis ashok k lahiri. What are the recommendations of urjit patel committee on monetary policy reform. List of important committees and commissions in india. Tarapore committee 1997, report of the committee on capital account convertibility, mumbai. Tarapore, submitted at the end of may, 1997, had a roadmap achieving some preconditions and moving towards capital account convertibility by 19992000. This article talks about important committees and commissions in india. The balance of payments records the transactions in goods, services, and assets between residents of a country with the rest of the world for a specified time period, typically a year.
Tarapore committee was appointed by rbi along with the government of india in. This is also the place for whatever descriptive report you are used to presenting. Rangarajan panel report on oil, gas pricing in dec first week. Shri s s tarapore, chairman to the committee on capital account convertibility cac today formally presented the report of the committee to. Gk, general studies, optional notes for upsc, ias, banking, civil services.
Working group to study the issues related to gold imports and gold loans by nbfcs in india no. Some of the view presented by us are different from government policies so. During the planning era, the reserve bank of india has tried its level best to manage money and evolve a sound monetary system but with not much appreciable success in realising the. The tarapore committee was set up by the reserve bank of india under the chairmanship of former rbi deputy governor s. List of important committees and commissions in india for upsc exams. The upsc has asked several questions on various committees constituted for different purposes. Apoorva soni 11020241071 pankaj baid 11020241121 rashmi sonare 11020241124 swapnil rathi 110202414 1. Contents page list of tablesexhibitsbox ii list of charts iv list of select abbreviations vii 1 summary 1 2 introduction 11. The recent report of the rbiappointed committee on capital account convertibility tarapore committee has expressed the view that time is ripe for introduction of futures in currencies and interest rates to facilitate various users to have access to a wide. It represents a summation of the countrys current demand and. The committee on capital account convertibility cac in its report. Convertibility cac with respect to tarapore committee report. The tarapore committee report has cited the argument that when an economy opens up the current account, extensive presence of capital controls creates.
Tarapore committee on capital account convertibility, 1997, appointed by the reserve bank of india, had. Tarapore committee and why time not yet ripe for implementation of full capital account convertibility in india. Questions are always asked from the various commissions and committees in the indian economy and polity. April 14, 2015 dear all welcome to the refurbished site of the reserve bank of india. In 1997, the tarapore committee had indicated the preconditions for capital accountconvertibility. Rangarajan committee latest news on rangarajan committee. Tarapore committee a committee on capital account convertibility was setup by the reserve bank of india rbi under the chairmanship of former rbi deputy governor s.
The committee on capital account convertibility cac or tarapore committee was constituted by the reserve bank of india for suggesting a roadmap on full convertibility of rupee on capital account. G20, fsb, basel committee on banking supervision of which india is a member. In december 2005, the high level expert committee on corporate bonds and securitisation, known as the patil committee. The purpose of the narasimhami committee was to study all aspects relating to the structure, organisation, functions and procedures of the financial systems and to recommend improvements in their efficiency and productivity. Conclusion the report encompasses good, bad and unnecessary recommendations. She then read the treasurers report and once more urged very strongly to the community to please do a monthly automatic. There are many committees and commissions are made in india in various fields. Submissions to his excellency, the finance minister. Arooran associates, chartered accountants, chennai frn 0968s, be and are hereby appointed as the auditors of the.
Ppt on currency convertibility current account capital. Norms and recommendations in 1974, a study group under the chairmanship of mr. Issues in bullet format, identify what the committee focused on in the agenda meeting and what the committee accomplished in the past year. Tarapore also opposed the appointment of a government executive on the monetary policy committee, even without voting rights, saying that big brother can have an overbearing dominance on. Stepping up its opposition to full capital account convertibility following the tarapore committee report, the cpim today said it was opposed to greater liberalisation of inflows and outflows of capital because that would bring in greater speculative finance capital in the indian economy. The report of the committee on capital account convertibility headed by. Snapshot of tarapore committee report oncapital account convertibility presented by. The committee submitted its report to the finance minister in november 1991 which was tabled in parliament on 17. The committee observed that there is no clear definition of cac. Shareholders are requested to kindly bring their copies to the meeting. As a measure of economy, copies of the annual report will not be distributed at the annual general meeting. Report of the committee on fuller capital account convertibility. Tarapore panel gives no data to support banning pns 06 sep, 2006, 09.
Tarapore committee ram pradhan committee nanavati commission. Tarapore committee 2006, report of the committee on fuller capital account convertibility, mumbai. Introduction the report of the joint parliamentary committee on stock market scam and matters relating thereto was presented to the parliament on 19th december 2002. Important committees and their recommendations rbi committee on capital account convertibility also known as the taraporei committee submitted its report in may 1997. Advantage, benefits and preconditions for capital account convertibility gs paper 3,economy home. The fivemember committee recommended a threeyear time frame for complete convertibility by 19992000. Tarapore committee on capital account convertibility gktoday. Provide a brief summary of the committees work this year and any comments you have. The highlights of the report including the preconditions to be achieved for the full. Arguments in favour and against of capital account convertibility and capital account liberalization. There are many reforms taken place in our country on the basis of the. Various committees and commissions in india and their purposes.
Time to revisit recommendations of tarapore committee report. The reserve bank of india has decided to constitute a committee to look into banking services rendered to retail and small customers, including pensioners and also to look into the system of grievance redressal mechanism prevalent in banks, its structure and efficacy and suggest measures for expeditious resolution of. Summery of chakravarty report on the working of the indian. Phiroz tarapore was acknowledged and thanked for auditing the accounts for so many years and a small token of appreciation was presented by treasurer rooky fitter. The second committee on the capital account convertibility cac again chaired by s. The second tarapore committee had drawn up a roadmap for 2011 as the target date for fuller capital convertibility of rupee and mentioned that the conditions were quite favourable. Report of the working group to study the issues related to. Rangarajan committee report on financial inclusion gktoday. What struck me most of all about these meetings is that the. Anyway, following the recommendations of the committee, several. In 1998 the government appointed yet another committee under the chairmanship of mr narsimham. The tarapore committee report is an excellent report. How did full capital account convertibility lead to collapse of east asian economies in 1997. One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise.
It is crucial to have knowledge regarding the important committees and commissions in india for upsc exam preparations. Tarapore committee news and updates from the economic times. Capsuling the essence of the tarapore committee report, the author identifies critical issues for discussion at a conference on the fuller capital account. The prime ministerappointed rangarajan committee is likely to present in the first week of december its report on changes in the present regime governing oil and gas exploration contracts as well as gas pricing. Operationalising capital account liberalisation overseas. In 1997, the tarapore committee had indicated the preconditions for capital. Annual report 201112 3 it is not as if, as emerging economies, we have no issues that deserve. Advantage, benefits and preconditions for capital account convertibility gs paper 3,economy, currency convertibility. In 1997, the tarapore committee had indicated the preconditions for capital account convertibility. Important committees and commissions in india for upsc exams.
The report of the rangarajan committee is summarized as follows. Tarapore committee article about tarapore committee by. July 31, 2006 shravana 9, 1928saka the governor, reserve bank of india mumbai dear sir, we submit herewith the report of the committee on fuller capital account convertibility. Capital account convertibility and risk management in india. Capital account convertibility capital account reserve. A committee on capital account convertibility was setup by the reserve bank of india rbi under the chairmanship of former rbi deputy governor s. A well defined plan of action is the right way of preparing and discussing national strategies. Hopefully, our presentation will compliment the report and add a few concepts. This tarapore committee submitted its report in september 2006 more commonly called the second tarapore report or ii. Tarapore to lay the road map to capital account convertibility. It is better known as the banking sector committee. Fuller capital account convertibility administrative staff college. The report of the committee on capital account convertibility headed by s. Capital and current account convertibility in india.