In order to further the participatory process, I am happy to inform you that yesterday I had discussions with my colleague Dr. Rakesh Mohan and Governor Dr. Reddy.
It has been decided that RBI will immediately set up a Committee to undertake a comprehensive review of the liberalisation process set in motion in the last decade, study recent international experience and identify various options for future forex market development in India. The Committee will interact with market participants and experts for this purpose.