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The large scale migration of Malayalees, majorly to the Gulf region has played a major role in Kerala’s Economy. A famous joke in Kerala goes on to say when Neil Armstrong first landed on the moon, he had his tea from a Kerala Tea Shop, meaning the Malayali community is spread all around the world.
The Malayali expatriates have played a crucial role in the social, economic, and cultural development of Kerala, ever since their large-scale migration. A report appeared on Times of India on 07.06.2015 states, “A Kerala government survey showed that remittances sent by the diaspora support at least 50 lakh people in the state, which has a population of 3.15 crores.”
However, a large number of the migrants live under unstable and insecure work conditions. The number of foreign-return NRI’s has also risen recently due to uncertain job scenarios and the increasing move by West Asian nations to replace foreign workers with local. It is in this particular context that KSFE has thought about a financial scheme for the betterment of the Malayali population abroad.
Now with KSFE Pravasi Chitties, you can contribute to the development of the State. Wondering how?
In addition to empowering the returnees through financial support for their ventures in the state, Pravasi Chits gives the pravasi’s an opportunity to partake in the overall infrastructural development of the State. Expatriates can help the state realise the development dreams by joining the chitty. On March 3rd 2017 the then Finance Minister in his budget speech stated, “… it is intended to make use of Chitty for the development of the state. No NRK has to contribute single paise to Government for this purpose. All that they have to do is to join in NRI chitty of KSFE.”
With this scheme, investments are being generated and put to use for the overall growth of the state in the field of infrastructure development, health, education, public service, public works, social security et. Rs.10,000 crores out of a total of Rs.50,000 crores for various developmental activities for the next five years of the state are expected to be raised through the Pravasi chitties.
Unlike many chit Services, the Pravasi chit offers a lot of features for its customers. All the services, starting from chit selection to prize money collection can be made online. A 24x7 online call center to support the customers anytime, anywhere.Chit Insurance cover and, an optional pension deposit scheme are the major features incorporated in the Chits.
Pravasi Chits provides for ensuring every non-default subscriber through a unique group life insurance scheme providing cover for death or disability. In the untoward event of death of a subscriber provision for transporting the dead body of the unfortunate subscriber to the homeland along with a companion shall be organised by KSFE jointly with NORKA. The KSFE availing the insurance support shall undertake the responsibility of the chit payment in the event of the insurance covered death and disability.
OPTIONAL PENSION DEPOSIT SCHEME
The chit subscribers have the option of depositing the prize money in an optional group pension scheme by which they would be entitled to an annual pension on return to the homeland.
With the inception of the Pravasi chits, what gets materialized is the cherished dreams of NRIs to have a pension, insurance, social security scheme, etc. along with investment. By subscribing the Pravasi chits, they are becoming an un-reckoned force or partners in the growth of Kerala. In this way, you can secure your hard earned money and become part of our society’s developmental endeavour. After all, it is our responsibility to serve you better.