कैपिटल कंट्रोल्स

Capital Controls क्या हैं?

Capital controls government policies हैं जो देश के अंदर/बाहर money flow को restrict करती हैं। Types: (1) Inflow controls - foreign investors के लिए restrictions (deposit requirements, taxes, FDI limits)। (2) Outflow controls - domestic residents foreign assets नहीं खरीद सकते या limited amounts में। (3) Exchange controls - currency conversion restrictions। (4) Tax measures - Tobin tax जैसी। Purpose: (1) Currency stability। (2) Prevent capital flight (crises के दौरान)। (3) Support monetary policy independence। (4) Prevent speculative attacks।

India Capital Controls

India का capital account partially liberalized है: (1) FEMA (Foreign Exchange Management Act) 1999 primary law। (2) LRS (Liberalised Remittance Scheme) - resident individuals $250,000/year foreign remit कर सकते हैं। (3) FDI automatic route up to certain limits में allowed, beyond approval needed। (4) Foreign companies India में banks, insurance, defense, media में limited stake रख सकती हैं। (5) Indian citizens को foreign bonds/stocks में direct investment restricted। (6) NRI accounts (NRE, NRO) में specific rules। (7) 1991 से progressive liberalization लेकिन full convertibility अभी नहीं।

Capital Controls के pros और cons

Pros: (1) Currency crisis prevention। (2) Monetary policy flexibility। (3) Asset bubble prevention। (4) Tax revenue protection (outflow taxes)। Cons: (1) Reduced foreign investment। (2) Currency inefficient - parallel black markets। (3) Growth constraints। (4) Rule of law concerns। (5) Corruption opportunities। Empirical evidence mixed है - कुछ times काम करते हैं, कुछ नहीं। Famous: China ने captured capital controls maintain किए हैं despite being world's 2nd largest economy। Venezuela 2018 capital controls failed miserably। Indian forex traders को FEMA rules समझना आवश्यक है - विदेशी forex trading अभी legal grey area है। कैपिटल फ्लो, foreign-exchange-reserve, भारतीय रुपया (INR) भी पढ़ें।