RBI to decide on CAC panel report soon

HYDERABAD: The RBI will consider the recommendations of the Fuller Capital Account Convertibility Report and arrive at a decision in the next few weeks, according to the apex bank governor Y V Reddy.

The statement comes a day after the S S Tarapore committee released its capital account convertibility report that recommends far-reaching measures like phasing out of participatory notes and raising annual limit of remittances by individuals.

“The recommendations have been made for RBI to follow. The process of rationalisation has begun. As for the suggestions made for 2006-07, we considering the measures to be included. In a few weeks, we will have a clear view,” said Mr Reddy, at a press conference in Hyderabad on Saturday.

The Tarapore committee report recommends a five-year roadmap to increase the annual limit of remittance by individuals to open foreign currency accounts overseas.