THIRUVANANTHAPURAM: The state has so far mobilised Rs 50 crore through the Pravasi Chitty, said Finance Minister Thomas Isaac in a statement issued here on Saturday. The Chitty was launched last November.
Isaac said 240 chitties were started and nearly 1,000 persons have received the prize money. The minister denied claims that the Chitty was a failed experiment. He said the turnover would be Rs 310 crore once the ongoing chit schemes conclude.
“The turnover from chit schemes would increase every month. The tenure of the schemes started at the launch of the Pravasi Chitty ends only in 2020 and the total turnover would be collected by then,” the minister said.
For every scheme under the Pravasi Chitty, the first instalment is invested as KIIFB bond. If winners deposit the prize money as fixed deposit, it would also be converted as KIIFB bond. The instalments received between two auctions are also deposited as short-term KIIFB bonds. So far, Rs 25 crore has been deposited in the KIIFB as bonds.