The central bank is believed to be toying with the idea of setting up a committee to look into certain aspects of convertibility - but of the current account variety! It seems that the concept of current account convertibility has not yet been fully implemented even though it was announced quite some time ago. A committee of industrialists and businessmen is being set up to thrash out these isuues.
And if this is the current status of the relatively simple transition to current account convertibility, how long it will take for us to switch over to capital account convertibility is anybodys guess. As a wisecrack suggests, a committee of industrialists and businessmen must be constituted at the outset to look after the implementation of capital account convertibility as soon as it is announced. That should save precious time.