For nearly four decades, foreign exchange was a taboo subject for most Indians. Governments guarded the foreign exchange reserve as if it was a treasure trove. The office of the chief controller of foreign exchange was a hallowed place and only the privileged few could gain admittance to the sanctum sanctorum. I remember travelling from Chennai to Mumbai to plead with the chief controller my case for an allowance to study abroad and, finally, I got the princely allowance of $7 per day for 10 months in a year!
Mercifully, FERA (Foreign Exchange Regulation Act) was buried finally on May 31, 2002.
Excerpt from "A View from the Outside" by P.Chidambaram.
Hare Krishna Hare Krishna Krishna Krishna Hare Hare Hare Rama Hare Rama Rama Rama Hare Hare
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