Convertibility of the rupee implies

The correct answer is Freely permitting the conversion of the rupee to other major currencies and vice versa.

Key Points

• Convertibility of the rupee implies Freely permitting the conversion of the rupee to other major currencies and vice versa.
• Indian Rupee:
  • The Indian rupee is the official currency of the Republic of India.
  • The first rupee in India was introduced by Sher Shah Suri and the Bank of Hindustan issued the first paper note.
  • The Reserve Bank of India issues and regulates currency-related provisions.
  • The symbol of the Indian Rupee characterizes India’s worldwide identity for currency transactions and economic clout.