*  *  *  Assistance provided by Shri P K Chophla, Smt Nikhila Koduri, Shri A Madhavan and Smt Radha Somakumar is gratefully acknowledged.
A number of internal arrangements were introduced to reduce the administrative burden of exchange controls, for example to grant the authorised dealers in foreign exchange more scope for discretionary decisions on exchange control applications, without prior reference to the Reserve Bank. In the process, virtually all exchange controls on current account transactions in the balance of payments (i.e.