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Enrolment to Pension and Life Insurance Scheme for Indians at UAE Exchange

Monday, 28 April 2014
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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.




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The event will be attended by top officials from Indian Embassy, UAE Exchange, Alankit Assignments Ltd., special invitees and the Media.

For more information, visit www.uaeexchange.comand http://

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Last modified on Monday, 16 February 2015 12:03