Capital a/c convertibility panel: Highlights

 Provide PN holders exit route,

 Phase out PNs within a year,

 Raise ECB ceiling for automatic approval,

 Allow NRIs to invest in capital markets,

 Allow tax benefits for NRI deposits,

 Review tax benefits/treaties,

 Improve banking regulation/supervision,

Raise aggregate MF investments limit to $5 billion in 5 years,

 Allow all NRIs to access FCNR deposit schemes,

 Raise overseas investment by MFs to $3 bn by this year,

 Remove NAV limits on MF overseas investments.