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Thread: meaning of convertible currency or meaning of hard currency

  1. #1
    gopalji
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    Default meaning of convertible currency or meaning of hard currency

    The currencies which are freely convertible i.e. one can exchange the currency with the other currency without any restrictions are known as convertible or freely convertible currency viz. US $, UK Pound, Euro, Swiss franc are examples of fully convertible currency. These currencies are also called as HARD cuurency.

  2. #2
    gopalji
    Guest

    Default Are debit card or ATM card are currency under FEMA

    Yes, these have been notified as currency by RBI.

  3. #3
    gopalji
    Guest

    Default Meaning of Euro and member countries

    European single currency was introduced on 1/1/1999. The euro (sing: ; ) is the official currency of the eurozone: 16 of the 27 member states of the European Union (EU). It is also the currency used by the EU institutions. The eurozone consists of Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain.[2] Estonia is due to join the eurozone on 1 January 2011.[3] The currency is also used in a further five European countries, with and without formal agreements, and is consequently used daily by some 327 million Europeans.[4] Over 175 million people worldwide use currencies which are pegged to the euro, including more than 150 million people in Africa.

    Source:http://en.wikipedia.org/wiki/Euro

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