Pravasi Chitty Scheme – KSFE Chitties to be Launched in Kerala in March 2018

Dated: January 5, 2018 | Updated On: June 19, 2018 | By: Karan Chhabra |
Pravasi Chitty Scheme

Kerala government is going to launch Pravasi Chitty Scheme for Non Residential Keralites. Subsequently, Kerala govt. aims to deploy Rs. 10,000 crore in the span of 3 years through Kerala State Financial Enterprises (KSFE). The state govt. is going to implement this scheme in the first week of March after the approval of National Informatics Center (NIC). KIIFB will play important role in utilizing these collected funds.

KSFE is a non-banking Finance Company and Kerala govt. fully own this company. Kerala govt. will launch this scheme after the announcement of budget in February. Most of the NRKs who make investments in KSFE Chitties through their relatives or themselves when they come home are waiting for the official launch of this scheme.

Latest Update – Kerala Govt. has started the online registration process for Pravasi Chitty Scheme, now fill the KSFE Pravasi Chitty Registration Form through the link – Click Here

Kerala govt. hopes to exceed the target collection of Rs 10k crore by a huge margin. Moreover, this scheme will benefit around 2 lakh investors in the 1st year after its official launch.

Agents for Selling the Pravasi Chitty Scheme in Gulf Countries

Kerala govt. will allow various agents such as banks and others to sell this scheme to the investors residing in the Gulf Countries. Moreover, these agents will have to acquire the required permission from the regulation agency of those countries.

Govt. is going to make provisions such that NRKs are able to join this Chitty scheme online. Moreover, govt. will develop a mobile app for this purpose. Accordingly with this online facility, any person can get involved in chitty activities. People can enroll for memberships, make payment of monthly subscription and enrollment for auctions through online mode. Furthermore, govt. is also going to setup a 24*7 grievance redressal office which will operates at Infopark.

Role of Kerala Infrastructure Investment Fund Board (KIIFB)

As per the survey reports, the funds sent by the people (online transfer) to our country through diaspora provides support to at-least 50 lakh people in Kerala out of the total population of 3.15 crore. NRI Chitties will raise a fund of Rs. 10,000 crore which the state govt. will use for developmental activities.

Kerala Infrastructure Investment Fund Board (KIIFB) will get these collected funds. KIIFB is a technical partner of KSFE Pravasi Chitties. The total amount of NRI deposits is around Rs 1.52 trillion with several public sector and private sector banks in Kerala. Furthermore, Pravasi Chitty Scheme will raise the amount of NRI deposits which the state govt. will utilize in various developmental activities.

References

— For more details on Kerala State Financial Enterprises (KSFE), visit the official website using the link given below:-
ksfe.com
— Furthermore for details of Kerala Infrastructure Investment Fund Board (KIIFB), please click the link given below:-
kiifb.kerala.gov.in

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