what is partial convertibility of rupee explain with example and video..
Partial Rupee Convertibility (PCR) or current account convertibility was introduced as a part of fiscal budget 1992-93. Under this system, government liberalised the foreign exchange flow for the purpose of foreign travelling, foreign studies, availing various services from foreign countries etc. It was designed to give a push to the exports of the country as well as to encourage the policy of import substitution. It also intended to minimise bureaucratic controls in various legit export procedures.