Currency - India - 100 Rupees - Year 1962-1967 (P. C. Bhattacharya) and L. K. Jha (Governor, 1 July 1967 to 3 May 1970)

Item Code:     96/IN-20

₹ 100 Note with Diamond Issue

Year	1962-1967
Obverse	Lion Capital of Ashoka on the right side.
Reverse	Dam at center with thirteen value text lines at left on back
Watermark	Lion Capital of Asoka
Size	158 x 73 mm
Signature	P. C. Bhattacharya (Governor, 1962-1967)

Item Code:     97/IN-21

Year	1967-1970
Obverse	Lion Capital of Ashoka on the right side.
Reverse	Dam at center with thirteen value text lines at left on back
Watermark	Lion Capital of Asoka
Size	158 x 73 mm
Signature	L. K. Jha (Governor, 1 July 1967 to 3 May 1970)

Description

Old Indian Currency Notes ₹100 diamond issue signed by P. C. Bhattacharya (Governor, 1962-1967) and L. K. Jha (Governor, 1 July 1967 to 3 May 1970).

What is the full convertibility of the Indian rupee?

Currency convertibility means that currency of a country can be freely converted into foreign exchange at market determined rate of exchange that is, exchange rate as determined by demand for and supply of a currency. For example, convertibility of rupee means that those who have foreign exchange (e.g. US dollars, Pound Sterlings etc.) can get them converted into rupees and vice-versa at the market determined rate of exchange. Rupee is both convertible on capital account and current account.

What is a current account? 

In simple terms, all exports and imports of merchandise and invisible (like services etc.)

What is a capital account? 

By capital account convertibility we mean that in respect of capital flows, that is, flows of portfolio capital, direct investment flows, flows of borrowed funds and dividends and interest payable on them, a currency is freely convertible into foreign exchange and vice-versa at market  determined exchange rate.

Thus, by convertibility of rupee on capital account means those who bring in foreign exchange for purchasing stocks, bonds in Indian stock markets or for direct investment in power projects, highways steel plants etc. can get them freely converted into rupees without taking any permission from the government.

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