UAE Exchange partners with Alankit Assignments Ltd. to offer Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY) Scheme, an initiative by the Ministry of Overseas Indian Affairs (MOIA). MGPSY is a Pension and Life Insurance fund scheme for the Overseas Indian workers with an ECR stamp on their passports. It was launched on 27th April by the Ambassador of India to UAE, His Excellency T.P. Seetharam.
UAE Exchange will be a facilitator for the implementation of the Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY) Scheme offered by the Ministry of Overseas Indian Affairs (MOIA) in association with Alankit Assignments Ltd. This programme recognised by the Government of India, is a Pension and Life Insurance fund scheme for the Overseas Indian workers, whose passports have Emigration Check Required (ECR) stamp. This integrated social security scheme helps them to save regularly for their resettlement, old age pension and an insurance cover. To join the scheme the subscribing NRI worker should contribute INR 5000 per year, while Government of India will contribute INR 2900 for men and INR 3900 for women. A formal ceremony in this regard was held on 27th April, 2014, which was graced by the Ambassador of India to UAE, His Excellency T.P. Seetharam and other senior officials from the Indian Embassy.
Speaking on the occasion, Mr. Y. Sudhir Kumar Shetty, COO ÔÇö Global Operations, UAE Exchange, said, ÔÇ£Trust is the prerequisite and the foundation of any partnership to start and sustain. Our alliance with Alankit Assignments is a very prestigious one as we have come together for a noble programme like the Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY). We take this opportunity to thank Alankit Assignments Ltd. and Ministry of Overseas Indian Affairs for giving us this opportunity and will go that extra mile to broaden our horizons to benefit our Indian customers.ÔÇØ
Mr. Alok Kumar Agarwal, Chairman & Managing Director, Alankit Group, said, ÔÇ£We are glad to tie up with UAE Exchange for the expansion of the MGPSY scheme. Our presence in UAE for the past decade gives us a unique leverage to cater to a widespread geography. The project benefits through our robust experience in Govt. initiatives in creating awareness and attracting more subscribers towards the scheme.ÔÇØ
The objective of MGPSY is to encourage and enable the overseas Indian workers by giving government contribution to save for their return and resettlement (R&R), save for their old age and obtain a Life Insurance cover.
UAE Exchange is a leading global remittance and foreign exchange brand, with 132 branches in UAE. It is also the widest globally networked remittance brand with over 700 branches across 31 countries in five continents. Its strong correspondent banking relationship with over 150 global banks adds to the might. More than 9000 professionals representing over 40 nationalities, strive to achieve excellence and bring delight to customers, worldwide. This penchant for quality has won the ISO certified brand many global awards for quality & business excellence, and earned the trust of customers, partners and regulators alike, thus earning the acclaim ÔÇÿWorldÔÇÖs Trusted Money TransferrerÔÇÖ.
With an experience of two decades, Alankit is now the leading financial and health care service player in India. Alankit Assignments Limited, the flagship company of the group, is a conglomerate of nine group companies offering diversified activities into e-Governance, Financial Services, Insurance and Health care sectors. A strategically integrated portfolio of varied services allows Alankit to cater to customers from different walks of life ranging from common individuals to business conglomerates both domestically as well as internationally. With a customer base of over 20 Million which is increasing year after year, Alankit operates through a wide network of 3866 business locations spread across 673 cities and 2 overseas offices at London and Dubai.
Regular updates on the Group are available on https://www.facebook.com/AlankitGroup
The event will be attended by top officials from Indian Embassy, UAE Exchange, Alankit Assignments Ltd., special invitees and the Media.
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The elderly are probably more susceptible to financial frauds than others. Awareness of how fraudsters work enables you to stay away, or protect an elderly you know, from such frauds.
Frailty of mind and body resulting from advancement of age can make elderly people vulnerable to financial abuse. Fraudsters are often people well-known to, and trusted by, the victims. If you are an elderly yourself or have elderly relatives or friends, become aware of how financial abuse can happen to take suitable action.
Characteristics of Financial Abuse
Financial abuse involves unethical use of money of an elderly person. Access to finances could be gained in a variety of ways including threat, stealth or theft. Abusers are mostly trusted people, e.g. family, friends, neighbours, etc., who have an advantage of information; this could be a family attorney or financial advisor with access to the victimÔÇÖs financial information; a medical service provider who knows about the victimÔÇÖs frail health and finances; or a trusted family member or friend with inside information about victimÔÇÖs bank accounts, inheritance, etc.
How the Elderly can Become Victims
Fraudsters swindle money out of the elderly in a number of ways, including:
- Attractive advertisements promising high returns on investments
- Fake calls invoking a sense of danger in the elderly for people closer to them
- Promise of household services such as indoor repairs and renovation, for cheaper costs
- Theft of online identity details such as online banking passwords, credit card number, etc.
- Collection of money towards fraudulent claims of charities and calamity relief funds
- Unauthorised use of victimÔÇÖs ATM cards and bank accounts to access money (especially by people close to the victim)
- Diversion of victimÔÇÖs money towards personal use through misuse of legal instruments such as Power of Attorney, issued voluntarily by the victim
- Holding access to victimÔÇÖs financial assets by issuing threats of bodily harm or putting emotional pressure
Identifying a Victim of Abuse
You can help an elderly in your family or in your neighbourhood before it is too late. Act quickly if you encounter any of these warning signs in the elderly:
- Uncharacteristic behaviour of the elderly person
- Extreme dependence on another person (caregiver/ attendant/ family member) to make financial decisions
- Disparity in the financial background and the lifestyle of the elderlyÔÇö the person may be reluctant to spend even if he or she could well-afford it
Other warning signs that you could heed to, if you have corresponding information, include:
- Possession of expensive gifts frequently by a caretaker, apparently given by the elderl
- Accumulation of unpaid bills in the name of the elderly
- Frequent withdrawals from the elderly personÔÇÖs bank account
- Sudden changes in will, especially if it involves inclusion of a new member such as a caretaker
Whether you are a victim or want to support a victim of elderly financial abuse, it is important that you report the case of fraud to relevant authorities in your area. It also helps to be aware of financial measures you can take to prevent such frauds in the first place.
WeÔÇÖll come to you very soon with an article on preventive measures!
Contributes AED 100,000 to feed school children in Africa as part of its CSR initiatives
Dubai, UAE, July 3, 2013: The leading global money transfer and foreign exchange brand, UAE Exchange, today announced support for the UN World Food Programme (WFP) to fight hunger as part of the brandÔÇÖs continuing community support initiatives across the world. Towards this an event was jointly organised by UAE Exchange and WFP.
The global money transferrer has a wider CSR mandate, which spans across various countries and the initiative in Africa was one such significant gesture in its campaign to make the world a better place to live and to contribute to the cause of fighting hunger among school children in Africa. Daily school meals encourage parents to send their children to school regularly and help students concentrate better in class.
Announcing a contribution of AED 100,000 to WFPÔÇÖs school meals programmes in Africa, Mr. Y Sudhir Kumar Shetty, COO ÔÇö Global Operations, UAE Exchange, said, ÔÇ£This contribution is an endorsement of the great efforts done by WFP to fight hunger in Africa and a humble step from our side to contribute to causes as pertinent as hunger and food security. As a brand, which mainly serves the ÔÇÿbottom-of-the-pyramidÔÇÖ segment, we understand the difficulty of scarcity in life, especially that of food. We are more than glad to support WFP for the cause.ÔÇØ
ÔÇ£At UAE Exchange, we believe in joining with partners, who make a difference to the world. A lot needs to be done in Africato address the basic needs like hunger, more so among the next generation. Hence we feel honoured to join hands with the UN World Food Programme for the school meals programme and thus do our bit to build a healthier world.ÔÇØ said Mr. Promoth Manghat, Vice President ÔÇö Global Operations,┬áUAE Exchange.
Mr. Ashraf Hamouda, Regional Head of Private Partnerships & Business Development, WFP, said. ÔÇ£Daily school meals make a huge difference for many children inAfricawho may not have anything else to eat. With UAE ExchangeÔÇÖs support, more children will have the opportunity to go to school, which means a better future for them, their families and their communities.ÔÇØ
The event was attended by senior officials from UAE Exchange and WFP along with special invitees and the Media.
For more information, visit www.uaeexchange.com
Mar 5, 2013
SHAMSHABAD, Andhra Pradesh, March 5, 2013 /PRNewswire/ ÔÇö
UAE Exchange Shamshabad Branch Actively Participated in Pulse Polio Immunization Program ÔÇ£ChildrenÔÇÖs Health, The NationÔÇÖs WealthÔÇØ is the motto that all the staff of UAE Exchange Shamshabad branch held close to their heart. The second phase of the Pulse Polio Immunization program, was held across India on February 24th. The branch also decided to take part in this initiative of the India government to make efforts in the development and welfare of children.
The staff covered 8 villages travelling in the company van, creating awareness among local people about the program and inviting them to come and get their children immunized. On the Pulse Polio Immunization program day, the employees of Shamshabad branch Mr. Joji Reddy, Mr. Sammaiah, Mr. Naveen, Mr. Tirupati, Mr. Mahender and Mr. Balakrishna devoted their man hours and helped in administering the vaccine to about 600 children up to 5 years of age. The children who had come for the immunization program were welcomed with sweets and biscuits. They also took this opportunity to educate the parents on routine immunization and why it is important for the children.
Mr. V George Antony, Director and Country Head commented, ÔÇ£UAE ExchangeÔÇÖs employees select the social activities based on the companyÔÇÖs focused areas of environment, health, and education. We allow them to get involved in local activities and so in a year, somewhere in India, a UAE Exchange employee will be contributing something to society.ÔÇØ
UAE Exchange promotes the culture of lending a helping hand to the society whenever possible. This motivates the staff to spare their time, knowledge, and other resources for the benefit of the society and experience the joy of sharing and caring. It also helps to inspire the spirit of social volunteering in the employees.
The six-month campaign, across the UAE, counselled thousands of distressed expatriates, branding the initiative a success
ÔÇ£If we could positively influence at least a few desperate expatriates from taking that extreme step, we would consider Mission Zero Suicide campaign, a success.ÔÇØ said Mr. Y. Sudhir Kumar Shetty, COO ÔÇö Global Operations, UAE Exchange. He was speaking on the occasion of the culmination of the Mission Zero Suicide, the UAE Exchange campaign for counselling those expatriates, who had a tendency to resort to suicides due to financial, emotional and psychological issues. The brainchild of the leading global remittance and foreign exchange brand, Mission Zero Suicide campaign was conducted, across the UAE, for a period of six months.
ÔÇ£Expatriates leave their homeland in search of better options for livelihood. Though foreign land promises prosperity back home, it also offers loneliness and unnecessary indulgences for an expatriate, who takes the path to depression, ultimately taking that extreme step. As per various surveys, this tendency was more prevalent among distressed expatriates in the UAE. Many Embassies and the UAE Government were taking various measures to address the issue. Aligning with their vision, UAE Exchange too contributed its bit with Mission Zero Suicide. So far the results have been quite impactful for us to take this campaign to the next level.ÔÇØ added Mr. Sudhir Shetty.
Mr. Promoth Manghat, Vice President ÔÇö Global Operations, UAE Exchange, said, ÔÇ£Propagating the message of good mental health and physical well being of every expatriate is our aim through this campaign. To achieve it we took the help of expert counsellors, who counselled those, who had those extreme tendencies. We are thankful to the UAE Government, various consulate officials and professional counsellors for their support and guidance in making our efforts effective. The encouraging results go on to show the sincerity of the initiative and the trust the expatriates bestow on the brand UAE Exchange.ÔÇØ
Mission Zero Suicide campaign was initiated in answer to the rise in the expatriate suicide rate in the UAE. This global money transferrer ran a signature campaign in which over 200,000 people, including celebrities and eminent personalities, participated by signing up their support to this unique initiative. As part of the campaign, inspiring videos were screened at labour camps, public gatherings etc., bringing awareness on personal finance management and stress management, since financial troubles and stress were cited as the reasons for most of the suicides or attempts to suicide.
The global money tranferrer has always been trusted for its various initiatives, be it for better service offerings, promotions or corporate citizenship initiatives. The remittance brand has always strived to reduce the hassles of the expatriate community living in the UAE.