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Kerala may go for NRI bonds
Wednesday, 11 August 2004, 19:30 IST
THIRUVANANTHAPURAM: Kerala is considering floating bonds to tap cash-rich expatriates for infrastructure finance.
Discussions have held between Finance Minister K. Sankaranarayanan, Non-Resident Keralites Minister M.M. Hassan and senior bureaucrats in these departments.
This is the first time Kerala is planning to seek funds directly from its expatriates through bonds. The state has close to 1.9 million non-resident Keralites (NRKs) who in 2003 made a total remittance of 
184.65 billion.
Hassan said the finance secretary and NRK secretary have begun work in this regard.
"It is understood that Punjab has done a similar thing and we have requested the secretaries to study that and also initiate discussions with the Reserve Bank of India (RBI) in this regard," he said.
The government is serious about tapping NRK funds ahead of the visit of Chief Minister A.K. Antony to select Middle East countries next month.
"We want this scheme to be announced while Antony is in the Middle East," added Hassan.
"The funds would only go for infrastructure development, something the state seriously lacks," said Hassan.
Source: IANS
184.65 billion.
Hassan said the finance secretary and NRK secretary have begun work in this regard.
"It is understood that Punjab has done a similar thing and we have requested the secretaries to study that and also initiate discussions with the Reserve Bank of India (RBI) in this regard," he said.
The government is serious about tapping NRK funds ahead of the visit of Chief Minister A.K. Antony to select Middle East countries next month.
"We want this scheme to be announced while Antony is in the Middle East," added Hassan.
"The funds would only go for infrastructure development, something the state seriously lacks," said Hassan.
Source: IANS