Ref #7482042 v2.2  8  Over the next few years, inflation remained at the top of or marginally above the target range.
The objective and content of FEMA made it explicit. While FEMA formalised the current  2  BIS central bankers’ speeches  account convertibility with the Common Law principle “all that is not forbidden is permitted”, it did the reverse with respect to capital account transactions: “all that is not permitted is forbidden”. I shall discuss this at some length later. 9.