Saturday, February 3, 2001
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Allow capital outflows for all individuals, suggests former RBI deputy governor 

Our Banking Bureau  
Mumbai, Feb 2: Former deputy governor of the Reserve Bank of India (RBI) Dr SS Tarapore has called for a change to allow capital outflows for all individuals and has prescribed modest but reasonable annual ceilings, in a seminar on `Policy Recommendation for Preventing Another Capital Account Crisis', organised by the Exim Bank of India and the Asian Development Bank (ADB), on Thursday in Mumbai. As of now, there is a total ban on capital outflows by individual residents, which Mr Tarapore said was unreasonable.

"Permission for overseas investments is allowed only for certain categories of professionals," he said.

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