Consider launching foreign exchange remittance scheme: JD-U MP

They said that inward capital from NRIs can be attracted if the 1991 foreign exchange remittance scheme was launched again

With the economy battered by a plummeting rupee, slow growth and rising current account deficit, the Government should consider launching a foreign exchange remittance scheme to attract NRI funds and a gold amnesty scheme, a JD-U member said in Rajya Sabha today.

Raising the issue during Zero Hour, N K Singh (JD-U) said inward capital from NRIs and others can be attracted if the 1991 foreign exchange remittance scheme was launched again.

Prime Minister Manmohan Singh was the Finance Minister when the Remittances in Foreign Exchange (Immunities) Scheme, 1991 was launched, the former Finance Secretary and former Member Planning Commission said, adding the scheme had attracted $800 million in eight months.

Gold amnesty scheme also needs to be launched to harness the vast gold reserves in the country, he said, adding the twin schemes will help the nation tied over the present crisis by bringing in much needed capital.