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International Monetary Fund

, India took further steps to liberalize exchange restrictions on current account transactions. Henceforth, limits on invisibles transactions such as foreign travel, payments for services, and donations are only indicative, and foreign exchange will be made available without limit for all bona fide current transactions. Moreover, exchange guarantees are being phased out as the FCNR(A) scheme was discontinued and the limit on repatriation of interest on nonrepatriable rupee (NRNR) deposits was removed. In August 1994, India adopted Article VIII of the Fund’s Articles of