Pravasi Dividend Scheme: Kerala govt to offer 10% dividend on deposits to Non-Resident Keralite

The Kerala government is planning to introduce a monthly dividend scheme for Non-Resident Keralites with an aim to utilise their deposits for infrastructure development in the state. To introduce the scheme, a Bill to amend the Non-Resident Keralites Welfare Rules was presented in the Assembly by Chief Minister Pinarayi Vijayan, The Indian Express reported.

Under the proposed Pravasi Dividend Scheme, a Non-Resident Keralite and his/her life partner will get regular monthly dividends for a one-time deposit till their death. The government would collect the deposits in the range of Rs 3 lakh to Rs 51 lakh and the amount would be handed over to agencies assigned for infrastructure development.

Currently, the Kerala Infrastructure Investment Fund Board (KIIFB) is the agency handling the scheme. The deposits would be collected through the Kerala Non-Resident Keralites Welfare Board. The investor would get a monthly dividend of 10 per cent from the fourth year of deposit. After the death of the depositor, the invested sum and the dividend of three years would be handed over to the nominee, which would mark the end of the scheme.

There are about 22 lakh Non-Resident Keralites, most of them in the Middle East. The remittance from Non-Resident Keralites to the state has touched Rs 85,000 crore, according to the Kerala Migration Survey conducted in 2018.

Presenting the Bill, Vijayan said the scheme would equally benefit the Non-Resident Keralites and the state government. The deposits would accelerate the growth of the state, he added. The Bill also envisages setting up companies and co-operative societies under Kerala Non-Resident Keralites Welfare Board.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal