The two gigantic volumes of Taxman’s Exchange Management Manual – in small and close prints – look as formidable as any elaborate commentary on the most complex law. Indeed, It will not surprise me if someone points out an inconsistency or contradiction between two different directions or notifications. So have we simplified or complicated? Is it time for a comprehensive review?
To my mind, it is an emphatic yes. 12. An important factor in this context is that capital account management has often been used as an instrument in dealing with rupee volatility.