On Monday, the rupee hit a new all-time low against the dollar, plunging well past 81.50 per dollar as the dollar rose sharply to multi-year highs against most major currencies on fears of a global recession from the rising borrowing rates worldwide.
Opposition parties accused the government and Finance Minister Nirmala Sitharaman of mishandling the situation. The Modi-led BJP government assured the people that it is taking several measures to avoid further slip of the Rupee against the dollar. In one such step, the government is bringing an anti-conversion bill in the winter session of the parliament.
Reportedly, the government is in the final stage of drafting the anti-conversion bill, which will be presented in the winter session of the parliament. As per the draft, government will make the Rupee to Dollar conversion void and the value of the rupee will be measured only in the currency which is weaker than Rupee. Bangalesh’s Taka, Pakistan’s PKR and SriLanka’s LKR are the top contenders in the list.
Rumours suggest that government has made provisions for criminalising the Rupee to Dollar conversion and people caught converting Rupee to Dollar will invite UAPA as it will show the country in bad light.
Finance Minister Nirmala Sitharaman will present the anti-conversion bill in Loksabha in winter session. Top BJP ministers have already started approaching opposition MPs for their support in Rajya Sabha.