The trade environment has undergone a major transformation of a single market determined exchange rate for the Rupee since March 1, 1993 and the accomplishment (with effect from August 20, 1994) of Article VIII status in the IMF. The Rupee is not convertible on the capital account.
All export and import transactions are conducted at the market rate of exchange. The market rate also applies to other transactions, including inflow of foreign equity for investment and outflow in the event of disinvestment, payments in respect of repatriation of dividends, fees and royalties for technical know-how agreements and also for foreign travel.
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