Q. Liberalized Exchange Rate Management System (LERMS) involving dual exchange rate mechanism was instituted on the recommendations of a high level committee. Who was the head of this committee?
Answer:
Dr. C. Rangarajan
Notes: On the recommendations of the High Level Committee on Balance of Payments headed by Dr C. Rangarajan, the Liberalized Exchange Rate Management System(LERMS) was instituted on March1,1993.