Shamsudheen, chairman of the UAE-based Pravasi Bandhu Trust, has said the ‘NRI chitty’ scheme announced by Finance Minister Thomas Isaac is a “very positive` step in terms of Pravasi welfare as well as public investment mobilisation. Mr. Shamsudheen, who has spent 45 years in the UAE, noted that the chitty could channelise Pravasi remittances into productive areas. He recalled that Mr. Isaac, when he had visited the UAE last year, mentioned about launching the chitty scheme. Later, some senior State government officials had visited Dubai to get the views of the UAE pravasis before formulating the scheme. The chitty scheme would, he hoped, prod them to save at least a fraction of their earnings.

Source: The Hindu February 02, 2018 19:32 UTC