Schemes for NRKs' financial security likely to be launched by Kerala CM
K Harikrishnan Namboothiri, CEO, Norka Roots; PT Kunju Muhammed, chairman, Kerala Pravasi Welfare Board; K Varadarajan, resident vice-chairman; and R Kochukrishnan, director for NRKs, Keralites' Welfare Board.
Dubai - Kerala CM Pinarayi Vijayan likely to announce details of the schemes during the 2-day conference set to take place in Dubai.
Four new welfare schemes for non-resident Keralites (NRK), including the Pravasi Dividend Scheme, may soon be launched at the first GCC edition of the Loka Kerala Sabha (LKS).
Senior officials at the Department of Non-resident Keralites Affairs (Norka Roots) and the Kerala Pravasi Welfare Board revealed that Kerala chief minister Pinarayi Vijayan is likely to announce details of the welfare schemes during the two-day conference set to take place in Dubai on February 15 and 16.
"The welfare measures for NRKs will be one of the many programmes to be revealed by the Kerala government during the course of the LKS," PT Kunju Muhammed, chairman of the Kerala Pravasi Welfare Board, told Khaleej Times on the sidelines of a Press meet organised by Norka on Sunday.
"The Pravasi Dividend Scheme is a life-long monthly dividend scheme resulting from a one-time deposit. Open to NRI Malayalees, NRKs, and NRI returnees, interested investors can deposit any amount between Rs3 lakh to Rs51 lakh," Muhammed explained.
K Varadarajan, resident vice-chairman of Norka Roots, said: "The programme is still under consideration. For example, if you invest five lakhs, then after a maturity period of three years, you will get 10 per cent of your investment as returns every month until your death."
Muhammed added: "After the investor's death, the spouse is entitled to the monthly dividend, and after the spouse's death, the legal heir will be returned the original deposit amount and an additional interest."
Muhammed also explained that there will be no interest levied on the project.
"The welfare board in this case will act as an agent between the investor and the government. The government will decide where the funds from these investments need to go," he explained. "The government will use these funds into sectors such as education, agriculture, infrastructure. etc.," Muhammed added.