Kerala: Rs 20,000 crore to be mobilised thru Pravasi Chit Scheme

Finance Minister T M Thomas Isaac said the government would aim to mobilise ` 20,000 crore  through KSFE’s Pravasi Chit Scheme.

Published: 14th January 2018 01:32 AM  |   Last Updated: 14th January 2018 08:24 AM   |  A+A-

By Express News Service

THIRUVANANTHAPURAM: Finance Minister T M Thomas Isaac said the government would aim to mobilise Rs 20,000 crore  through KSFE’s Pravasi Chit Scheme. Participating in the sector-based discussions at the Loka Kerala Sabha he said the government was planning to make the expatriates’ saving a state’s fortune. Isaac said at least 10 lakh expatriate Keralites would join the chitty scheme.

The attraction of the chit is that it would help expatriates to gain more than the interest being offered by banks, the minister added. KIIFB CEO K M Abraham said the chit scheme attached with pension and insurance scheme would be a better investment opportunity for the expatriates. He said all the formalities related to the chit scheme would be  done online and everything would be transparent and simple.

The expatriates who participated in the discussion said the chit scheme should not be limited to NRKs in the Gulf region and it should be extended to those living in Europe, United States and other parts of the globe.

They also wanted concession in the surety and other procedures. Prominent NRK healthcare activist and director of Norka Roots Azad Moopan said there should be projects offering more attractive income to the expatriates.

Gulfar Mohammedali said if there was better investment projects, the expats would be ready to invest.Former Finance Minister K M Mani said while the government was using its money for development projects, expatriates should  invest to help the government cross over the burden. He also asked for  introducing  products like state  sovereign fund. There has also been demands to introduce chits for Non-Resident Keralites within India and converting the KSFE into a bank.

Finance Principal Secretary Manoj Joshi said, if expatriates demand participatory pension, the  government would consider it positively. 

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