| Kerala to float NRK bonds for projects |
THIRUVANANTHAPURAM Kerala’s Minister for Non-Resident Keralite Affairs KC Joseph on Wednesday informed the Kerala assembly that the state government was working out a plan to float a ‘Pravasi Development Bond’ for the benefit of non-resident Keralites (NRKs).
Joseph said that discussions have started with financial experts on how to go about this unique scheme.
“We propose that through this bond, NRKs can take shares and the money would be utilised to fund flagship development projects of the state. Whatever profits that arise through the investment projects, would be shared with the NRK share holders,” said Joseph.
Citing the latest study on the Kerala diaspora by the Centre for Development Studies (CDS), Joseph told the assembly that the total money that arrived in the last fiscal in Kerala banks, mostly from Middle-East employed Keralites, was a staggering Rs500 billion.
He was replying to a motion moved by treasury bench legislator P Ubaidullah who sought the immediate attention of the state government to channelise the NRK deposits in Kerala banks for productive purposes. “We also have decided to open an exclusive bank for NRKs and we have now got in touch with the Reserve Bank of India (RBI) for the necessary clearance,” added Joseph.
Indo-Asian News Service
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