Actions have been initiated to implement the recommendations of the Committee. The Indian foreign exchange market has been widened and deepened with the transition to a marketdetermined exchange rate system in March 1993 and the subsequent liberalisation of restrictions on various external transactions leading up to current account convertibility under Article VIII of the Articles of Agreement of the International Monetary Fund in 1994.
As a part of the continuing efforts aimed at liberalising and developing the foreign exchange market in India, an Internal Technical Group on Foreign Exchange Markets was appointed to undertake a comprehensive review of measures initiated by the Reserve Bank so far and identify areas for further liberalization of restrictions along with a medium-term framework.