It was also perceived that independent Debt Management Office (DMOs) would improve operations of debt management through improved accountability and specialisation. Many developed nations have followed suit. 27.
In India, the genesis of the proposal could be traced back to various Committees/Working Groups, such as, Committee on Capital Account Convertibility (1997); Review Group of Standing Committee on International Financial Standards & Codes (2004), Percy Mistry Committee, Internal Working Group on Debt Management, MoF and finally Financial Sector Legislative Reforms Committee, which suggested separation of debt management from monetary management.