I wrote an article in Asian Wall Street Journal titled Righting the rupee.
Coincidentally, Jamal Mecklai wrote an opinion piece in Business Standard on roughly the same day with roughly the same ideas. Jamal's piece is, of course, much more fun to read than mine.
In the AWSJ article, I mention Thailand as a reminder of what could happen if there is an effort to bring back capital controls. There also, reforms of monetary policy institutions appears to have taken place as a consequence of these problems: I believe that Bank of Thailand has been placed under the supervision of the Ministry of Finance (MoF) and the BoT governor will now serve for a fixed term.
The NBER paper on central bank transparency that I allude to is Dincer & Eichengreen, 2007.