The approach of conservation and preservation of foreign exchange has been replaced with a liberal framework aimed at facilitation of external trade and payments and orderly development of foreign exchange markets. In the process, the RBI has moved beyond the role of a regulator to that of a facilitator of foreign exchange transactions.
In all these endeavours, I counted and continue to rely on the support of structures at home and abroad; this includes colleagues, counterparts and bilateral establishments, such as the Official Monetary and Financial Institutions Forum.