Press Esc to close
Thursday 05 March 2015
News updated at 1:25 PM IST
Weather
Max: 31.7°C
Min : 16.9°C
In Bengaluru
clear sky

UTI Mutual Fund to manage Centre's Pravasi Suraksha plan

Mumbai,July 8,2012 DH News Service

Ministry of Overseas Indian Affairs (MOIA) at the Centre has launched a special scheme named Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY) for overseas Indian migrant workers which aims to encourage and assist the overseas Indian migrant workforce to voluntarily save for their return and resettlement and for their old age.

Accordingly, UTI Asset Management Company, on Saturday, said it has entered into an agreement with the MOIA as one of the partners for managing the ‘return and resettlement’(R&R) savings benefit under MGPSY, said an official release.

  The contribution amount under R&R scheme of MGPSY will be invested in UTI Monthly Income Scheme Growth Option.  MGPSY is a voluntary scheme, under which the Indian migrant worker can contribute upto Rs.4000/- per annum, while MOIA will also co-contribute upto Rs.900/- per year each fiscal towards the resettlement benefit for a maximum period of 5 years.


This in turn will be invested in UTI Monthly Income Scheme-Growth option, which is an Open ended debt oriented scheme with no assured returns, the release said.


The scheme (UTI-MIS) aims at distributing income -- if any periodically -- while it has an asset allocation limit of minimum 85 per cent and maximum 100 per cent in debt and balance in equities/equity related instruments.

Eligibility required for R&R savings schemes is that a migrant worker should possess an  ‘Emigration Clearance Required’ (ECR) passport and a valid work permit or employment contract in ECR country and should be aged between 18 and 50 years.  Benefits from MOIA will be provided for a maximum period of 5 years or for the period of overseas employment whichever is less.

Withdrawal from R&R Savings is allowed when the overseas Indian worker returns to India or 5 years after joining MGPSY whichever is earlier.


Go to Top

Photo Gallery
Chief Minister Siddaramaiah at the inauguration of Emerging Manufacturing Entrepreneurs Resource Gro

Chief Minister Siddaramaiah at the inauguration of Emerging Manufacturing Entrepreneurs Resource Gro

Delhi Chief Minister Arvind Kejriwal meeting with a delegation of various Bar Associations of Delhi

Delhi Chief Minister Arvind Kejriwal meeting with a delegation of various Bar Associations of Delhi

BJP MP Jagadambika Pal celebrates Holi with TMC member Saugata Roy at Parliament

BJP MP Jagadambika Pal celebrates Holi with TMC member Saugata Roy at Parliament

A widow daubed in colours dances in the Holi celebrations organised by non-governmental organisation

A widow daubed in colours dances in the Holi celebrations organised by non-governmental organisation

Students of a gurukul take a water conservation pledge and also pay tribute to swine flu victims

Students of a gurukul take a water conservation pledge and also pay tribute to swine flu victims

Andhra Pradesh Chief Minister N Chandrababu Naidu celebrates holi with traditional artistes

Andhra Pradesh Chief Minister N Chandrababu Naidu celebrates holi with traditional artistes

Ireland's George Dockrell is bowled for 25 runs by South Africa's Morne Morkel to end their Cricket

Ireland's George Dockrell is bowled for 25 runs by South Africa's Morne Morkel to end their Cricket

The debris is being cleared after landslides on Jammu-Srinagar Jammu National Highway

The debris is being cleared after landslides on Jammu-Srinagar Jammu National Highway

Artist staged a play Visa Nirikshaneyelliddaga at the inauguration of Dalita Natakotsava

Artist staged a play Visa Nirikshaneyelliddaga at the inauguration of Dalita Natakotsava

Badly damaged road in Bengaluru

Badly damaged road in Bengaluru

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523