Word: chelliah
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Dates: during 1957-1957
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...Ceylon's Chelliah Loganathan, head of his country's Central Bank, urged each underdeveloped country to establish its own Development Savings Bank. Depositors would be encouraged to save by making the money they put in the bank exempt from income taxes. But if such voluntary funds were inadequate, deductions would be made from payrolls in return for stock in new enterprises. In effect, the development bank would operate like an investment trust in the U.S., diffusing stock ownership over the maximum number of depositors and eliminating the risk of a bad investment that might wipe out a single...
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