NRI Real Estate and Property Investment in India
 |  WWW.NRIREALTYNEWS.COM
 
Welfare Fund for NRIs Proposed by MOIA
Friday, June 22, 2007

The creation of a Welfare Fund for NRIs has been proposed by the Ministry of Overseas Indian Affairs. The Fund would be utilised to train workers for securing jobs overseas, protect the overseas Indian workers during troubled times and help them re-locate to India when they choose to do so.

The proposal calls upon the government to make an initial investment of Rs.1.5 billion, and insurance companies to make contributions to the fund. NRIs could choose between a one-time registration and an annual payment to the pool fund.

The MOIA proposal has suggested that the fee on emigration clearance stamp be raised to Rs.300 from Rs.200 - the difference could be taken for the NRI Welfare Fund. The Fund would be managed by a Trust, with an advisory committee comprising 5 nominees of the Central government and representatives from the State cabinets led by the MOIA Cabinet minister.

The executive authority would rest with a senior bureaucrat, leading a team of four civil officers from the states, a representative of the Finance Ministry, and appointees from insurance firms and corporate houses.

The Welfare scheme would function through banks. Apart from using the corpus fund for training Indians going abroad for skilled and semi-skilled services, the resource would ensure that NRIs returning home are adequately provided for upon their return through a sustenance allowance.

The MOIA’s proposal would be placed before the External Affairs Ministry, the Finance Ministry and the Labour and Law ministries.

The Planning Commission would also have to scrutinize the proposal. NRI remittances from the Gulf region account for half of India’s total remittances, and the Government is responsible for the protection of the overseas Indian worker during and after his stay abroad.

Related Reading

Interest Rates on NRI Deposits High on MOIA’s Agenda


Add to your Social Bookmarks:
ADD TO DEL.ICIO.US ADD TO DIGG ADD TO FURL ADD TO NEWSVINE ADD TO NETSCAPE ADD TO REDDIT ADD TO STUMBLEUPON
ADD TO TECHNORATI FAVORITES ADD TO SQUIDOO ADD TO WINDOWS LIVE ADD TO YAHOO MYWEB ADD TO ASK ADD TO GOOGLE  

 

 

Return to India

NRI INSURANCE

NRI SERVICES

 

Indian Cities Guide

DELHI   NOIDA   GHAZIABAD
         
GURGAON   MUMBAI   AHMEDABAD
         
KOLKATA   CHENNAI   HYDERABAD
         
BANGALORE   PUNE   CHANDIGARH
         
..More cities »
NRI Communities in Different Countries  
Indian Embassies & Consulates in Different Countries
 
NRI Newsletters  
NRI Feeds - Syndications