Consider the following statements: The Indian rupee is fully convertible 1. I. in respect of Current Account of Balance of Payment. 2. II. in respect of Capital Account of Balance of Payment. 3. III. into gold. Which of these statements is/are correct?

1. Convertibility of a currency refers to the freedom to convert it into other currencies or gold. 2. Full convertibility means residents and non-residents are free to convert the domestic currency for any purpose, whether on the current account (trade, remittances, travel) or the capital account (investments, loans). 3. India adopted full current account convertibility in August 1994, meaning the Indian rupee can be freely converted for transactions listed under the current account of the Balance of Payments (Statement I is correct). 4. However, India still has restrictions on capital account convertibility. While many capital transactions are permitted, there are limits and regulations. Therefore, the rupee is not fully convertible on the capital account (Statement II is incorrect). 5. The convertibility of currencies into gold (gold standard) was abandoned globally long ago. The Indian rupee is not convertible into gold (Statement III is incorrect). 6. Only statement I is correct.