Business Daily from THE HINDU group of publications
Tuesday, Nov 17, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Tuesday, Nov 17, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Industry & Economy
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NRIs States - Kerala Pravasi Bandhu Chitty launched Our Bureau Kochi, Nov. 16 The State Finance Minister, Dr Thomas Issac, has launched ‘Pravasi Bandhu’ Chitty-2009 of the Kerala State Financial Enterprises Ltd (KSFE) aimed primarily at non-resident Keralites. The Minister said on the occasion that KSFE is in the process of appointing an agency to handle the marketing of KSFE business, especially chit funds, in the Gulf countries. The State Government had called for expressions of interest from companies for setting up a marketing facility. The Government is also looking to launch a Gulf subsidiary for the KSFE to handle chitty subscriptions from Keralites working in these countries. The Government is in talks with the RBI in this regard. The chitty is open to everyone and not limited to the non-resident population. The current regulations on foreign exchange prevented non-resident Indians from investing directly in instruments like chitty, he said. According to Minister, KSFE is looking to diversify its activities as part of its Vision 2010 programme and one of the areas is to float a subsidiary to handle the funds belonging to welfare funds in the State. Feelers have been sent around and some of the welfare funds had expressed their interest in such a venture, he said. He expressed the hope that the ‘Pravasi Bandhu’ chitty would help KSFE achieve the business target under Vision-2010. Mr Mani Vithayathil, Chairman, KSFE, briefly outlined the changes that had taken place in KSFE under the Vision-2010 programme of action. More Stories on : NRIs | Kerala
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