India Goverment discontiued pension scheme for NRIs

Pension scheme for Indian workers living abroad has been discontinued by the Government of India citing poor response.

The scheme, Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY), was launched in the UAE in 2012 in its pilot phase before introducing it in 16 other countries. The objective was to encourage and enable the overseas Indian workers by giving government contribution to saving for their return and resettlement (R&R), save for their old age, obtain a life insurance cover against natural death during the period of coverage.The foreign office is discontinuing three initiatives - a pension-cum-life insurance scheme, short-term academic courses, and a business opportunities platform - a year after it took charge of overseas Indian affairs, according to a report in The Telegraph.

The pension scheme was the only initiative representing the blue-collar workers living abroad but it failed to attract a huge number of subscriptions. Officials speaking to The Telegraph attributed the lack to demand to the refusal of both, the current Narendra Modi administration and the former Manmohan Singh government to popularise the scheme.

According to the scheme, if a male subscriber deposits Rs 5,000 annually under the scheme (Rs 1,000 through the National Pension System and Rs 4,000 through the UTI Monthly Income Scheme) he would stand to receive Rs 1,000 from the government as a contribution towards his pension and Rs 900 towards the MIS each year. Women could avail Rs 2,900 as government contribution annually (Rs 2,000 for the pension and Rs 900 for the MIS.)

The scheme also sheltered the subscribers with free cover from the Life Insurance Corporation of Rs 30,000 in the case of natural death, Rs 75,000 in the case of unnatural death or permanent disability due to an accident, and Rs 37,500 for partial disability.

The investment had to be made for five years or the duration of employment abroad, whichever is shorter. Once back in India, the worker would get the total sum in their MIS account, coupled with the interest earned, as a lump sum. The pension remains in their account, accruing interest till the worker turns 60 and they can avail the money monthly.

UAE opens consulate in Kerala

The UAE has opened a Consulate General in Kerala, India, and appointed Jamal Al Zaabi Consul-General to Kerala, to further ties between the two countries.

The opening of the second UAE consulate in India comes within the context of bolstering the growing relations between the two countries, UAE Ministry of Foreign Affairs and International Co-operation said.

"I am delighted to announce the opening of the new UAE consulate in the Indian state of Kerala. It represents an important achievement and a new boost for bilateral relations between the two friendly countries," said Under-Secretary at the UAE Ministry of Foreign Affairs and International Co-operation, Mohammed Mer Al Raisi, in a ceremony in the presence of Kerala Governor P Sathasivam, Kerala Chief Minister Pinarayi Vijayan, Assistant Under-Secretary for Consular Affairs at the UAE Ministry of Foreign Affairs and International Cooperation Ahmed Elham Al Dhaheri, Ambassador of the UAE to India Dr. Ahmed Abdulrahman Al Banna, a delegation from the Ministry of Interior and a group of notable political figures and businessmen from the UAE and India.

The opening of the consulate in Kerala is aimed at furthering co-operation and partnership between the two countries in the business sector and trade and economic cooperation as well as at the level of social and cultural exchange, he added.  

In collaboration with the interior ministry, the consulate will provide visa services for UAE citizens visiting Kerala and southern India, as well as residents of Kerala in particular, Al Dhaheri said, and noted this would further facilitate and speed up the entry of Indian workers to the UAE via e-gates at the country's points of entry.

Kerala, he said, is a global business and trade hub and an integral part of the fast-expanding partnership between the UAE and India. This achievement would enable the two countries to continue to build strong relations in Kerala, an important economic partner of the UAE, he added.

"We have a lot in common, from trade and investment to workforce. A large number of workers, who come to the UAE every year to realise their job ambitions and improve their living standards in our country, hail from Kerala, UAE Consul-General to Kerala Jamal Al Zaabi said.

The new consulate will play an effective role in bolstering ties with India through enhanced trade relations and increased cultural exchange and cooperation between the UAE and Kerala, he added.

The UAE Consulate General in Kerala will support the partnership between the two countries in the government, business and social sectors, consular services, diplomatic documents as well as resources for trade and exchange between them.

Customs changes from 1st April 2016 to passengers visiting India

Passengers coming to India and not carrying dutiable goods will not have to fill up customs declaration form from Friday.Flyers carrying prohibited and dutiable goods will only be filling up such declaration form, which was earlier mandatory for all passengers coming to the country.
The move is part of a new and simplified measure announced by Finance Minister Arun Jaitley while presenting the Budget for 2016-17.
All passengers who come to India and have anything to declare or carrying dutiable or prohibited goods need to fill up the 'Indian Customs Declaration Form', as per the new rules which will come into force from Friday.
All necessary arrangements have been made to ensure that new customs rules are followed properly, said Sanjay Mangal, Commissioner of Customs at Indira Gandhi International Airport in New Delhi.
"We have written to all airlines that they should provide Customs Declaration Form to passengers carrying dutiable goods and that they should fill it up on board flights so that they do not have to stand in queue after deboarding," he said.
Foreigners' duty free allowance has also been increased to Rs 15,000 from the existing limit of Rs 8,000, from April 1.
The duty free allowance of two litres of alcoholic liquor or wines, 125 cigarettes, 50 cigars and 125 gms tobacco for the passengers will continue.
The limit to bring duty-free goods worth Rs 6,000 for passengers of Indian origin and coming from China has been taken away. The duty-free allowance for people coming from Nepal, Bhutan and Myanmar has been increased to Rs 15,000, more than two times the limit of Rs 6,000 at present.
The increase in allowance will be applicable for journey by air. Those coming to India from land borders will not be able to get any amount of free allowance, the rules said.
The monetary limit for passengers of Indian origin coming from any foreign destination, excluding Nepal, Bhutan and Myanmar, has also been increased. Now such passengers can bring duty free goods worth Rs 50,000 from tomorrow instead of Rs 45,000 at present.

NRIs in UAE get insurence plan for Parents in India

Oman Insurance Company in partnership with Star Health Insurance (India) has launched a health insurance plan – Parents Health – for non-resident Indians (NRIs) living in the UAE and their parents in India. The comprehensive plan offers cost effective health cover for NRIs’ parents and parents-in-law back in their home country. Additionally, it offers a Personal Accident cover for the applicant.
While people live and work in the UAE, the good health of their parents back home always concerns them. Keeping this in mind, the product is designed to cover expenses arising from unforeseen illness and provide benefits like in-patient hospitalization, health check-up, hospital cash benefit, day care treatments and dental and ophthalmic cover to the applicant’s parents in India. It also provides one way air ticket to the applicant in case any of the parent needs to be admitted in the hospital for major illness like stroke, cancer or liver disease and gives the option to continue the policy in case the applicant relocates to India. The plan has 5 different coverage bands extending from Bronze to Diamond depending on the sum insured limits. To ensure great service, the product provides cashless service at over 7,400 network hospitals in India and offers reimbursement of claims at non-network hospitals.

Celine Messerschmitt, Senior Vice President Strategic Partnerships at Oman Insurance, said “We are excited to release this innovative products with Star Health as this is one of its kind product in the region. With affordable premium options, the product will surely benefit NRIs by reducing the burden of worrying about the health and wellbeing of their parents back home.”

Anand Roy, Senior Vice President at Star Health, commented “With the wide network of hospitals and a comprehensive insurance solution, members can be guaranteed exceptional care and service. With a simple application process, and no requirement for medical tests, the plan is a unique proposition for Indians working in the UAE.”

The policy will be issued by Oman Insurance Company. It will be offered in association with Star Health and Allied Insurance Company Ltd. (India), acting as the reinsurer and international administrator, ensuring faster and hassle-free claim settlements in India.