Press Esc to close
Friday 21 November 2014
News updated at 5:03 PM IST
Weather
Max: 28°C
Min : 18°C
In Bengaluru
Sunny day
Breaking News

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
Arun Jaitley with Mega actors Amitabh Bachchan and Rajinikanth...

Arun Jaitley with Mega actors Amitabh Bachchan and Rajinikanth...

A buffalo rider splashes the water in the marshy field, just before reaching the finishing line...

A buffalo rider splashes the water in the marshy field, just before reaching the finishing line...

A cheetha resting on the branch of a tree as a bid to beat the heat...

A cheetha resting on the branch of a tree as a bid to beat the heat...

Diego Torres, left, and India Martinez perform on stage at the Latin Recording Academy...

Diego Torres, left, and India Martinez perform on stage at the Latin Recording Academy...

Modi on his arrival at AFS Palam in New Delhi on Thursday after his 10-day long foreign visits...

Modi on his arrival at AFS Palam in New Delhi on Thursday after his 10-day long foreign visits...

Minissha Lamba walking the ramp at a fashion parade in Gurgaon...

Minissha Lamba walking the ramp at a fashion parade in Gurgaon...

The agitating students of Benaras Hindu University torch a police jeep...

The agitating students of Benaras Hindu University torch a police jeep...

Sant Rampal in police custody at Panchkula...

Sant Rampal in police custody at Panchkula...

Nikki Randhawa Haley with Pankaja Munde at a CII intractive session...

Nikki Randhawa Haley with Pankaja Munde at a CII intractive session...

Tennis player Sania Mirza at a launch event in Mumbai...

Tennis player Sania Mirza at a launch event in Mumbai...

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