Press Esc to close
Saturday 02 August 2014
News updated at 11:39 AM IST
Weather
Max: 27.4°C
Min : 20.5°C
In Bangalore
Generally cloudy

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
A view of a flooded locality in Amritsar on Friday after heavy rains. PTI Photo

A view of a flooded locality in Amritsar on Friday after heavy rains. PTI Photo

School children run with the Indian flags in a paddy field ahead of Independence Day at Parui...

School children run with the Indian flags in a paddy field ahead of Independence Day at Parui...

Ayonika Paul displaying her CWG 2014 silver medal along with her parents in Navi Mumbai on ...

Ayonika Paul displaying her CWG 2014 silver medal along with her parents in Navi Mumbai on ...

Theyyam artists perform ‘Maari Theyyam’ during Karkidakam, one of the Malayalam months at ...

Theyyam artists perform ‘Maari Theyyam’ during Karkidakam, one of the Malayalam months at ...

A devotee pours milk on a snake as an offering during the annual Nag Panchami festival, dedicated...

A devotee pours milk on a snake as an offering during the annual Nag Panchami festival, dedicated...

Naga tribesman perform a dance during Tsungremmong festival of the Ao Naga at Diphupar in Dimapur...

Naga tribesman perform a dance during Tsungremmong festival of the Ao Naga at Diphupar in Dimapur...

Landslide survivor Pramila Lende holds her son Rudra who was injured in the same landslide, at a...

Landslide survivor Pramila Lende holds her son Rudra who was injured in the same landslide, at a...

Indian and Scotland players vie for the ball in the Hockey 5th/6th classiffication match during ...

Indian and Scotland players vie for the ball in the Hockey 5th/6th classiffication match during ...

A man trying to put his scooter in upright position after it fell at a waterlogged road in...

A man trying to put his scooter in upright position after it fell at a waterlogged road in...

Army officer displaying a Remotly Operated Vehicle (ROV) during a demonstration 'Mission Falah...

Army officer displaying a Remotly Operated Vehicle (ROV) during a demonstration 'Mission Falah...

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