NRI Facilitation Centre Launched

The Overseas Indian Facilitation Centre was launched in New Delhi yesterday by the Ministry of Overseas Indian Affairs and the Confederation of Indian Industry (CII).

The agreement was signed by MOIA Joint Secretary G. Gurucharan
and CII director-general S.S.Mehta with the broad objective of
promoting overseas investment in IndiaThe CII, which will be
the host institution for this non-profit endeavor, would canvass
for investment by NRIs and make possible business alliances between
Indian industry and NRI investors.

The OIFC will cater to the 25 million NRIs scattered in 130
nations who are eager to benefit from the investment opportunities
India’s thriving economy is throwing up. With the active involvement of the CII, the OIFC would be a self-reliant enterprise.

The MOIA has given the CII a free hand in running the centre,
and expectations by the Government are high.
The Ministry of Overseas Indian Affairs has expressed its desire
to raise the level of NRI remittances and investments in India.

The OIFC would be instrumental in disbursing real time information,
establish a knowledge network of NRIs, and further bring into
play these knowledge resources. The OIFC would also assist the
states of India in pursuing investment avenues with NRIs to develop
their infrastructure and social sectors.

Persons of Indian origin
(PIOs) and NRIs would be able to avail of advisory services as
well from the centre.
The OIFC will be associated with the ministries at the centre,
and response is assured in 24 hours to all queries from NRIs
and PIOs.

The Centre will provide both free and paid services to NRIs – while
information services and assistance to states will be offered
without a fee, services for new investors and guidance in developing
projects will come at a cost.
The managing committee would have a two-tier structure.

Wile
the governing council chaired by the MOIA secretary will provide
the policy framework within which the OIFC will function, an
executive directorate led by the CII director-general will actively
draw up strategies and action plans to execute the projects.

9 trustees would comprise the new trust – NRIs will have 3 representatives
on board, while 2 would be appointed by the government, and four
would represent the CII.