Punjab bid to attract NRI investments

Friday, 08 August 2003, 19:30 IST   |    1 Comments
Printer Print Email Email
CHANDIGARH: Punjab will formulate a commercial policy to attract investments from non-resident Indians (NRIs) and float NRI bonds. A Punjab government official Thursday said the decision to frame the new policy was made at a meeting that discussed problems faced by NRIs. "A high-level meeting decided to formulate a policy to give incentives for setting up various projects in the state. The state government will float NRI bonds to augment the state's economy," the official said. The meeting focussed on problems faced by the NRIs, many of whom were from Punjab and headed flourishing businesses abroad. There was great potential for attracting investments from NRIs for setting up industrial, educational, technical and medicinal projects in Punjab, the official noted. Punjab's NRI affairs department will also move a proposal to set up a tribunal for speedy and expeditious disposal of cases involving NRIs that related to civil, criminal, property and matrimony issues. There have been numerous cases in Punjab of young brides being deserted by NRI grooms, who fled with large amounts of dowry and jewellery and filed divorce petitions from abroad. Members of Parliament from all political parties had petitioned Prime Minister Atal Bihari Vajpayee after the issue created a stir in Punjab. The official said the NRI affairs department would also launch a website soon for NRIs from Punjab.
Source: IANS
siliconindia