The RBI's forex deposit scheme was a dramatic success, attracting $136.4 billion and swelling reserves to $729 billion, enhancing rupee stability. Despite this, its premature closure is not regrettable. The author argues that a focus on the exchange rate interferes with monetary policy and could impose future costs on RBI for forex-risk hedges. While beneficial for overseas Indians, ending the scheme allows for greater monetary policy independence, addressing concerns about foreign investor dollar returns. This strategic move prioritizes long-term financial stability.