-------------------------------------------------------------------------- | Add your name to the CLEAN GOA INITIATIVE | | | | by visiting this link and following the instructions therein | | | | http://shire.symonds.net/pipermail/goanet/2005-October/033926.html | -------------------------------------------------------------------------- INSURANCE SCHEME FOR INDIAN WORKERS -----------------------------------------------------------------
Lok Sabha The Minister of State (Independent charge) for the Ministry of Overseas Indian Affairs Shri Oscar Fernandes told the Lok Sabha that a Compulsory Insurance Scheme known as the Pravasi Bhartiya Bima Yojna (PBBY) has already been introduced w.e.f. 25.12.2003 which is applicable to the citizens of India who are required to obtain an emigration clearance for employment abroad. The PBBY provides for insurance cover of a minimum sum of Rs.2.00 lakhs payable to the nominee/legal heir in the event of death or permanent disability of any Indian emigrant. It also provides for medical cover for the emigrant workers, maternity benefits and hospitalisation cover for the family of emigrant worker. The Government do not collect any amount under the PBBY, 2003. However, the Insurance Companies charge fair and reasonable premium for policy period of six months, one year and two years. He further informed the House that the emigration fee prescribed under Rule 15 of the Emigration Rules, 1983 is for processing the application made for grant of emigration clearance and has no relation with the Pravasi Bhartiya Bima Yojana, 2003. This information was given in reply to a question by Smt. Maneka Gandhi and Shri G. Karunakara Reddy. AK/SK/JA EASING OF INVESTMENT NORMS FOR NRIS ----------------------------------------------------------------- Lok Sabha The Minister of State (Independent charge) for the Ministry of Overseas Indian Affairs Shri Oscar Fernandes told the Lok Sabha that the Government has put in place a liberal and transparent FDI policy (which includes investment by NRIs) under which FDI upto 100% is allowed under the automatic route in most sectors. Proposals requiring prior approval are considered by the Foreign Investment Promotion Board (FIPB) in a time bound manner. Activities under the automatic route do not require any prior Government approval and the investor is only required to report to the Office of RBI within 30 days of inward remittance and/or issue of shares to non-residents. He informed the House that under the FDI Scheme, the additional facilities available to NRIs including investment in the housing and real estate sector and investment upto 100% in the air transport sector as against the permissible limit of FDI at 49% in the Civil Aviation Sector. The Minister further told that both are benefiting in terms of norms investment, closeness with the home country & good returns for NRIs. This information was given in reply to a question by Shri K.S. Rao and Shri E.G. Sugavanam. AK/SK/JA PIB RELEASE -------------------------------------------------------------------------- | Goa - 2005 Santosh Trophy Champions | | | | Support Soccer Activities at the grassroots in our villages | | Vacationing in Goa this year-end - Carry and distribute Soccer Balls | --------------------------------------------------------------------------
