Dear Mr. U. D. Kamat: I read your interview with Shri Neshwin Almeida of The Goan (http://216.15.194.90/thegoan/Details.aspx?id=2511&boxid=173223640) regarding the desire of Goan expats "to contribute to the development of their native areas where they were born or brought up or have their roots."
While this may be true in principle, expat Goans are not going to simply part with their money only to have it siphoned off into some local officials pockets. This is not only my view but is the view shared by many in the international global community. It seems to be ingrained in the culture in India. The details of the interview given in The Goan would seem to indicate a very simplistic approach to the concept of 'Mojhe Goi'. Perhaps I have misunderstood. Checks and balances are required to be in place and seen to be in place. The Indian bureaucracy has shown itself to be particularly inept in this regard. Just for information . . . The citizens of Canada, for example, are encouraged by the government to save. We can contribute up to $23,820 per annum towards retirement in a Registered Retirement Savings Plan (RRSP) which is sheltered from Tax until retirement and a further $5,500 per annum in a Tax Free Savings Account (TFSA). We can use any financial instrument available to include into either plan. Based on the information given above, I would suggest the following scheme. Though I am no financial expert, I feel it has a much better chance of succeeding. 1. The current state of Indian Bonds notwithstanding, the Goa Government should float bonds that can be purchased by overseas Indians. These bonds should be guaranteed by the RBI. These bonds should be on par with similar bonds available on the global market. Similar to Israel Bonds. NRIs should be able to purchase these instruments (in foreign denominations also) through institutions like the State Bank of India that has branches worldwide. Canadians could then use them to form part of their portfolio in their RRSPs and/or TFSAs. 2. The money invested in these bonds is then used by the Goa Government for infrastructure projects. This process will encourage NRIs to invest because their investment will be protected. The Goa Government then has the responsibility to demonstrate to the Bank that the monies have been disbursed for infrastructure improvement in a responsible way. Mr. Kamat, I would appreciate a response to my suggestion. Tim de Mello Canada cc: NRI Commissioner for Goa CM Goa
