It gets worse. The RBI Act, 1934, was proposed by the British as a ‘temporary measure’ [1]. This Act oversees 1 Trillion dollars of foreign exchange in India. T

It gets worse. The RBI Act, 1934, was proposed by the British as a ‘temporary measure’ [1]. This Act oversees 1 Trillion dollars of foreign exchange in India. The problem is that these acts cannot just be repealed - drafting a new financial code for the world's second fastest growing and seventh largest economy in the world... at a time when the growth rate is racing to touch 9% is a giant clusterfuck [2]. [1] http://www.bu.edu/bucflp/files/2012/01/Reserve-Bank-of-India-Act-of-1934.pdf http://www.bu.edu/bucflp/files/2012/01/Reserve-Bank-of-India... And whereas in the present disorganization of the monetary systems of the world it is not possible to determine what will be suitable as a permanent basis for the Indian monetary system; But whereas it is expedient to make temporary provision on the basis of the existing monetary system, and to leave the question of the monetary standard best suited to India to be considered when the international monetary position has become sufficiently clear and stable to make it possible to frame permanent measures [2] http://economictimes.indiatimes.com/news/economy/finance/the-indian-financial-code-whats-promising-whats-not/articleshow/48261950.cms http://economictimes.indiatimes.com/news/economy/finance/the...