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Kerala Chief Minister Pinarayi Vijayan.

Ashraf Thamarassery, the UAE based social worker completed the first online registration, followed by Naveen Kumar who won an online contest for the scheme … reports Asian Lite News.

Kerala Chief Minister Pinarayi Vijayan. (File Photo: IANS)

Government supported authority, Kerala State Financial Enterprises Limited (KSFE) launched the online registration for Pravasi Chitty on Monday. The event saw the participation of leaders of major political parties in Kerala.

Pravasi Chitty is a savings scheme designed to give its participants a sum of money in return for their monthly instalments. The government also benefits as the money received could be used to improve infrastructure and investment opportunities.

Kerala Chief Minister, Pinarayi Vijayan started the online registration process for the savings scheme at a function held in Thiruvananthapuram, the state capital. The registration, now available to Keralites in UAE, is expected to be available for Keralites in other countries as well.

A formal event in UAE is also scheduled in August. The online registration portal is available at  www.pravasi.ksfe.com.

Ashraf Thamarassery, the UAE based social worker completed the first online registration, followed by Naveen Kumar who won an online contest for the scheme.

“Our strength is our NRI brothers, who always keep Kerala in their hearts. Majority of them are not wealthy and without their job cannot be stable financially. Those earning a low income are especially encouraged to make use of this chitty,” said Mr Pinanrayi Vijayan, Chief Minister of Kerala.

The Kerala state government will invest the funds in bonds of Kerala Infrastructure Investment Fund Board (KIIFB). The government has ambitious plan of Rs 500 billion worth of development projects and plans to raise Rs 100 billion from the chit funds.

“We are making this chitty as an attractive scheme for NRIs to save their hard earned money. We ensure that the return is better than any other fixed deposit. There are also benefits like insurance and pension facilities. NRIs worldwide are invited to invest in this chitty and thereby benefit their state without offering any charity or sacrifice,” said Dr Thomas Isaac, State Finance Minister.

 

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