ELECTIONS '98
COMMENTARY
SPECIALS
INTERVIEWS
CAPITAL BUZZ
REDIFF POLL
DEAR REDIFF
THE STATES
YEH HAI INDIA!
ARCHIVES

Person of Indian Origin cards on cards

Prime Minister Atal Bihari Vajpayee today said his government had decided to implement a scheme to issue Person of Indian Origin cards to those living abroad and having foreign passports, which would confer upon them a range of special benefits.

These include a visa-free regime and several other facilities in the economic, financial and educational fields, Vajpayee said, while inaugurating ''The global Indian experience conference" in New Delhi. The meet has been organised by the federation of Indian Chambers of Commerce and Industry and India Investment Centre.

Very broadly, a PIO card holder will enjoy parity with NRIs in respect of all facilities at present available for acquisition and transfer of immovable properties, admission of children to educational institutions, and under the various housing schemes of central and state government agencies. The details of the scheme have been worked out and will be announced very shortly, Vajpayee said.

In another major announcement, the prime minister said the government would appoint a committee to go into the question of providing dual nationality to people of Indian origin settled abroad. The committee will hold consultation, elicit public opinion, examine the pros and cons and formulate recommendations on the question of dual nationality or any suitable variant.

The committee is to give its report in three months, Vajpayee said.

The prime minister also said the government would initiate discussions on the issue of problems NRIs face with the proposed Foreign Exchange Management Act, which is to replace the ''draconian'' Foreign Exchange Regulation Act.

The bill was introduced in the last session of Parliament and will particularly look into the problems relating to the definition of ''resident'' and other clauses about which NRIs have reservations.

''I assure you that we will initiate discussions on the issue and resolve the genuine apprehensions of the NRIs,'' Vajpayee said.

Vajpayee said several measures announced by his government are already being implementation. In certain other cases, legislative bills would need parliamentary approval next month.

''The direction, however, is clear. Economic reforms are here to stay and the process is being accelerated,'' Vajpayee said.

Vajpayee said the government in the near future will create financial instruments to channelise ''your savings and investments'' in the grand development project for the 7,000 km, six-lane corridor linking Silchar in the north-east to Saurashtra in the west and Kashmir to Kanyakumari.

Vajpayee said the government has often been criticised, and rightly so, for being long on policy pronouncements and short on implementation. ''We shall endeavour to correct this imbalance. Time-bound implementation of all decisions shall be demanded and obtained. The government will enforce accountability for laxity and delay,'' he said.

Effective inter-ministerial co-ordination would also be ensured so that important policies are quickly translated into action, he said.

Vajpayee said the government will set up a suitable mechanism---a forum in the government for effective on-going consultation with NRIs.

The prime minister said that he was given to understand that NRIs who receive dividend on non-repatriable investments are sometimes being required to furnish undertakings that they will pay tax if required. They are also required to submit a certificate from a chartered accountant. This is an aberration since dividend in the hands of individual investors is not taxable in India, he said, promising that if more information about this is given to the finance minister, the situation would be redressed.

UNI

Tell us what you think of this report