The Non-Resident Keralites’ Welfare (Amendment) Bill, with an objective to provide lifelong income to non-resident Keralites (NRKs), presented in the Assembly on Wednesday, has been referred to a select committee.
As per the amendment to the 2008 Act, Section 8A related to a dividend scheme for NRKs will be added. The government will, as part of this scheme, receive deposits from NRKs and will give a monthly dividend to the depositor consequent to the utilisation of the same. The amount mobilised from the NRK dividend scheme will be handed over to the Kerala Infrastructure Investment Fund Board (KIIFB) and other government agencies for developmental purposes.
Deposits ranging from ₹3 lakh to ₹51 lakh will be accepted from NRKs, who will get a monthly dividend of 10% from the fourth year onwards. After the death of the depositor, the amount and the dividend of the first three years will be handed over to the nominee.
Presenting the Bill, Chief Minister Pinarayi Vijayan said the scheme would satisfy the twin objective of ensuring a secured life for NRKs and aiding in the development of the State.
Opposition MLAs expressed apprehension as to how the KIIFB would be able to generate profits and provide dividends to the beneficiaries. Mr. Vijayan said there was no room for such concerns as 10% dividend was an assurance given by the government. An amount of ₹2 crore has been allocated in the budget for this purpose. But the first dividend will need to be paid only after three years.
