(3) Currency convertibility means “the freedom to convert one currency into other internationally accepted currencies. Full convertibility of rupees means unified market determined exchange rate regime,converting rupees in to foreign currencies on both sides i.e. from “current account”and from “capital account”side. Today we have a market determined exchange rate system, but before this,RBI used to dictate its Official Exchange Rate on which Indian currency could be converted into foreign currency and vice versa.