Press Esc to close
Friday 24 February 2017
News updated at 1:05 PM IST
Weather
Max: 35°C
Min : 19.2°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
A boy carrying his grand father for casting during the 4th phase of assembly elections...

A boy carrying his grand father for casting during the 4th phase of assembly elections...

NSUI activists participating in peace unity march at Delhi University in New Delhi...

NSUI activists participating in peace unity march at Delhi University in New Delhi...

A man dressed as Hindu Lord Shiva performs during a religious procession ahead of the Hindu...

A man dressed as Hindu Lord Shiva performs during a religious procession ahead of the Hindu...

An elderly woman with her goat at the parched bed of a pond in a village in Hubli district...

An elderly woman with her goat at the parched bed of a pond in a village in Hubli district...

An airplane carrying rejected asylum-seekers taxis to the take-off runway at the airport...

An airplane carrying rejected asylum-seekers taxis to the take-off runway at the airport...

Artist K P Satish Babu and team presentation a Doll Dance at the Nirantharam National Music...

Artist K P Satish Babu and team presentation a Doll Dance at the Nirantharam National Music...

Fake notes of Rs 2000 which were dispensed by an SBI ATM in south Delhi...

Fake notes of Rs 2000 which were dispensed by an SBI ATM in south Delhi...

Chief Minister of Gujarat Vijay Rupani gives envelop to a newly married couple of Brahmin Community.

Chief Minister of Gujarat Vijay Rupani gives envelop to a newly married couple of Brahmin Community.

Tigers playing with each other in cage at Sarthana National Park (Surat) in Surat...

Tigers playing with each other in cage at Sarthana National Park (Surat) in Surat...

Akshar Yoga chain members performs stunts during the awareness programme on self defense ...

Akshar Yoga chain members performs stunts during the awareness programme on self defense ...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523