Planning for Orderly Use of Remaining U.S.-Owned Excess Foreign Currency in India

NSIAD-83-2: Published: Jul 20, 1983. Publicly Released: Jul 20, 1983.

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GAO reviewed the ongoing effort by the Department of State and other Government agencies to develop a plan for the orderly spending of $500 million worth of U.S.-owned, excess Indian rupees.

Some progress has been made in developing an overall plan for using the remaining, excess rupees. One proposal would use a portion of the current rupee holdings to establish an endowment to fund scientific and educational activities which would be jointly agreed to by the Governments of India and the United States. However, the agreement for such an endowment, including the amount, proposed uses, and financial operation, has not been worked out. GAO emphasized the need to develop an orderly rupee utilization plan; timely development of such a plan would provide greater assurance that the remaining rupees will be used efficiently. GAO believes that priority should be given to using the rupees for regular operating needs in India.

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