Centre finalises scheme to provide sops to PIOs

Apart from providing investment incentives, the scheme, which was finalised by the home ministry, would provide visa-free entry to the PIOs settled in various countries.

The home ministry, it was pointed out took time to give a final shape to the scheme primarily to build safeguards lest it should provide free entry to persona non-grata which might also be a PIO. The scheme will be formally unveiled by home minister LK Advani on Wednesday.

The PIO card scheme was initially announced by finance minister Yashwant Sinha, as part of the package for luring NRIs, while presenting his firstregular budget in June 1998.

It took almost nine months for the government to give shape to the PIO card scheme and confer privileges on the persons of Indian origin. During the course of nine months, prime minister Atal Behari Vajpayee also assured a gathering of the NRIs and PIOs that the card would fulfill the long-standing demand as well as aspirations of the large community of Indians settled abroad for generations.

The scheme would cover those persons of Indian origin who are having foreign passport. The scheme, as conceived by the Government, in addition to introducing a visa-free regime would, "confer some economic, educational, financial and cultural benefits" on the cardholders.

According to finance minister sources, the scheme would go a long way in tapping the vast financial and technical resources of the persons of Indian origin and channelising the same into the development of the nation.

It was stated that China was able to successfully tap the resources of the Chinese settled abroadand the resources thus mobilised played a vital role in the development of nation’s economy. The same could be tried in case of Indians settled abroad. The officials stressed that the success of the Resurgent India Bonds (RIB) floated by the State Bank of India (SBI) last year was an indication to the potential which could be harnessed with little effort.