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Convertibility of the rupee implies
1. Being able to convert rupee notes into gold
2. Freely permitting the conversion of rupee to other major currencies and vice versa
3. Allowing the value of the rupee to be fixed by market forces
4. Developing an international market for currencies in India

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Correct Answer - Option 2 : Freely permitting the conversion of rupee to other major currencies and vice versa

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

  • 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.

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