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New law in Kerala to provide lifelong income to expat Keralites who return home

  •   Fri, Nov 15 2019 06:55:32 AM

Daijiworld Media Network - Thiruvananthapuram 

Thiruvananthapuram, Nov 15: The Kerala Assembly passed the Non-Resident Keralites Welfare (Amendment) 2019 Bill on Thursday, November 14, aimed at providing a lifelong income for Non-resident Keralites (NRKs) returning to Kerala. The amended Act now includes a Pravasi dividend scheme that would take deposits from NRKs and give a monthly dividend to the depositor. 

Under the Pravasi dividend scheme, an NRK and their partner will have to make a one-time deposit in the range of Rs 3 lac to Rs 51 lac and the amount would be handed over to the Kerala Infrastructure Investment Fund Board (KIIFB) which has been entrusted with handling the scheme. The investors will then get a monthly dividend of 10% from the fourth year of deposit.

 

The deposits have to be made through the Kerala Non-Resident Keralites Welfare Board. 

After the death of the depositor, the nominee will get the invested amount and the dividend of three years, marking the end of the scheme. 

The Kerala chief minister Pinarai Vijayan had said that the KIFB would provide 9% of the dividend while the state will bear 1%. The state in its 2019 budget had allocated Rs 2 crore to begin the scheme. 

There are an estimated 22 lac NRKs mainly in Middle East and North Africa region, according to the Kerala Migration Survey 2018. 

The remittance from NRKs to the state in 2018 had touched Rs 85,000 crore, states the survey. 

At the time of presenting the bill before the Assembly, CM had said that the bill would benefit both the state government and the NRKs. The state aims to use the deposits for increasing infrastructure development. 
  

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Comment on this article

  • MANU, EX-GULF

    Mon, Nov 09 2020

    Current terms and conditions and offered returns are good. if there any grantee feature government will not reduce the offered 10% dividend ?.
    Then how they can use term" Dividend."
    the money is going to infrastructure and other non-profitable projects.
    please clarify?

    DisAgree Agree [2] Reply Report Abuse

  • Firdousi, kodungallur

    Sun, Dec 08 2019

    The fund cannot be withdrawn during the life time of pensioner. Having said that a State taking the funds for its development and in return giving pension , whatever be the rate it may decide, looks to be a good scheme. May be they can consider some loan or withdrawal for emergencies. At the end it is a fund and it should carry its collateral value for a loan or advance.

    DisAgree Agree Reply Report Abuse

  • Sungtachi Kodi, Farangipete

    Sat, Nov 16 2019

    Yet the government doesn't even look in the direction of the artists who shape the cultural heritage of Kerala. Kathakali artists, especially theyyam artists and so many more people who serve in the local arts and theater, once they retire aren't provided with any support financial or otherwise. The government knows very well how to make art and theatre like this the focus point of their tourism advertisements but doesn't bother to do anything for their well being. Funny to see the government's priorities.

    DisAgree Agree Reply Report Abuse

  • H. Almeida., Bendur/Andheri

    Fri, Nov 15 2019

    Indians have lived n slogged in the Middle East, yet they are mere aliens...... given no rights, as immigrants, in the elite western nations...... This meltdown, has effected millions, they are unsure of employment, back in their states... Kerala government, which depends totally, on remuneration from these workforce, has provided them basic returns and a secure retirement benefits, unlike other states in our nation.....

    DisAgree Agree [14] Reply Report Abuse

  • Rathan, Mangalore

    Fri, Nov 15 2019

    Is erala govt has become "marwadi intrest" how and who can pay monthly 10% intrest? Is it 10% per year paid in monthly installments?

    DisAgree [1] Agree [5] Reply Report Abuse

  • NN, NN

    Fri, Nov 15 2019

    Monthly dividend of 10%? or annual dividend of 10% paid in equal monthly (12) installments? Still it is not an attractive deal. Example: If I deposit Rs.100 anticipating annual dividend of 10%, at the end of three years period it would be approximately Rs.140 with compound interest. From the 4th year, I will be getting 10% annual dividend (12 monthly installments) on initial investment of Rs.100 which works out to be 7.14% annual returns. Public provident fund may yield higher returns.

    DisAgree [9] Agree [10] Reply Report Abuse

  • Sompa, Kodi Bengre

    Fri, Nov 15 2019

    Do you have any guaranteed return 7+ % till the end of life? Plus 3 years to the nominee and principal amount refunded is secured. This is a very good scheme.

    DisAgree Agree [8] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Fri, Nov 15 2019

    Now Keralities can proudly say 'Acche Din' ...

    DisAgree [13] Agree [35] Reply Report Abuse


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