Ministry of Overseas Indian Affairs (MOIA), Government of India has launched a special scheme named Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY) for overseas Indian migrant workers. The scheme aims to encourage, enable and assist the overseas Indian migrant workforce to voluntarily save for their return and resettlement and for their old age.
UTI Asset Management Company had entered into an agreement with Ministry of Overseas Indian Affairs, Government of India as one of the partners for managing the ‘return and resettlement’ (R&R) savings benefit under MGPSY. The contribution amount under R&R scheme of MGPSY will be invested in UTI Monthly Income Scheme Growth Option.
Monthly Income Scheme..!
MGPSY is a voluntary scheme. Under this scheme, for the contribution made by the Indian migrant worker of Rs.4.000 per annum, MOIA will also co-contribute upto Rs. 900 per annum per financial year towards the resettlement benefit for a maximum period of 5 years. This will be invested in UTI Monthly Income Scheme-Growth option.
Mr. Atul Kumar Tiwari, Joint. Secretary, Ministry of Overseas Indian Affairs said, “The overseas Indian community is a very important contributor to India’s economy & it is our constant endeavour to ensure their welfare and address their needs. Mahatma Gandhi Pravasi Suraksha Yojana will address the social security and resettlement needs of our overseas Indian workers.”
Mr. Imtaiyazur Rahman, Acting CEO, UTI AMC said, “It is our privilege to be one of the partners of MOIA’s Mahatma Gandhi Pravasi Suraksha Yojana and to manage the part of savings of Indian migrant workers in UTI MIS Growth Option. This will also help financial inclusion in the country”
Features of MGPSY:
Eligibility:
* An ‘Emigration Clearance Required’ (ECR) passport and a valid work permit or employment contract in ECR country
* Age between 18 and 50 years
Period of MOIA Contribution:
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:
Permitted to withdraw when the overseas Indian worker returns to India or 5 years after joining MGPSY whichever is earlier
UTI Monthly Income Scheme Growth Option (UTI MIS)
UTI MIS is an Open ended debt oriented scheme with no assured returns. The scheme aims at distributing income, if any periodically. The scheme has an asset allocation limit of minimum 85% and maximum 100% in debt and balance in equities/equity related instruments.
About UTI Mutual Fund..!
UTI Mutual Fund is a SEBI registered mutual fund whose Sponsors are State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India.
UTI Mutual Fund is one of the largest mutual fund in India with investor accounts of more than 1crore under its 89 domestic schemes as on June 30, 2012.
Registered Office:
UTI Tower, ‘Gn’ Block, Bandra - Kurla Complex, Bandra (E),
Mumbai - 400 051. Phone : 022-66786666.
