RBI deputy governor H R Khan has said that India is not yet ready for full capital account convertibility of rupee. Addressing the Finance Conclave 2015 in Mumbai recently, Mr. Khan said that the pros and cons of full capital account openness is a contentious issue as India is an expanding economy and need stability on the external front. He said the government has allowed full current account convertibility in 1994 and since then it is gradually making rupee convertible on capital account.At present, the Indian currency is convertible only on current account, though some capital account transactions are also permitted. Full current account convertibility means no restrictions on cross border movement of currency. While foreign investors can buy up to USD 81 billion bonds, there is no cap for stock market investments.