As such, each country would need to decide on its own path of capital account liberalization with regard to the timing and sequencing”. The Tarapore Committee had also recommended change in the legislative framework governing foreign exchange transactions.
For the first time since the Great Depression, our nation faced a financial panic so severe that the Fed’s normal overnight lending to banks was not enough; so the Fed did more, using congressionally granted powers it had held but not used since the 1930s that were intended to deal with just such rare emergencies.