The announcement was made in Abu Dhabi yesterday in the presence of Indian Ambassador to the UAE, T P Seetharam, and other senior officials from the Indian Embassy in Abu Dhabi.
UAE Exchange will be a facilitator for the implementation of the MGPSY scheme offered by the India's Ministry of Overseas in association with Alankit Assignments.
"We will accept forms from Indian expatriates with ECR passports and will issue Pension and Life Insurance Fund as well as Permanent Retirement Account Number. Funds will be routed to India through normal banking channels," said Ankit Aggarwal, Director of Alankit Assignments.
Aggarwal also said the company intended to roll out its services to all 17 ECR countries that include the GCC countries and Malaysia.
The GCC countries include Bahrain, Kuwait, Oman, Qatar Saudi Arabia and the UAE.
MGPSY is a pension and life insurance fund scheme recognised by Indian government to encourage and enable the overseas Indian workers by giving government contribution to save for their return and resettlement, old age and obtain a life insurance cover.