A very large variety o f controls are used by developing countries to restrict and regulate the movement o f capital which allows agents to reap the advantages o f diversification o f assets in the financial and real sectors. This article discusses in brief the classification o f controls like, dual (two-tier) or multiple exchange rate systems. Explicit taxation o f cross-border flows, Indirect taxation o f cross-border flows, in the form o f non-interest bearing compulsory resen’c/ deposit requirements and other regulatory controls and then carries out a comparative analysis ’o f these eontrols in the countries . We also discuss when and What Type o f Controls are Effective, Crises, and the Lessons from Experience o f countries like Thailand India and Malaysia.