Kerala Pravasi Dividend Scheme deposits cross Rs100 cr

THIRUVANANTHAPURAM: The deposit flow to the Kerala government’s Dividend Scheme for Non-Residents (Pravasi Dividend Scheme) has crossed Rs100 crore, according to a statement by Kerala Infrastructure Investment Board (KIIFB), the agency that is going to utilise the fund from the scheme for state’s infrastructure development.

Under the Pravasi Dividend Scheme, a Non-Resident Keralite or 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 Rs3 lakh to Rs51 lakh and the amount is being handed over to agencies assigned for infrastructure development in the state.

Currently, the Kerala Infrastructure Investment Fund Board (KIIFB) is the agency handling the scheme. The deposits are 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. In case the depositor dies before the fourth year, 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 whom are from the Middle East. The Kerala CM, Pinarayi Vijayan, who inaugurated the scheme on December 14, 2019, said the scheme would equally benefit the Non-Resident Keralites and the state government.

“The deposits would accelerate the growth of the state, he said, adding that there are plans to set up companies and co-operative societies under Non-Resident Keralites Welfare Board.

The recent KIIFB statement noted that the investors from 20 countries in Asia, Europe, North America and Africa have been investing in the scheme. More than 350 investors from a total of 877 members, are those who have already returned to Kerala for good.

 

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