Kerala mulls law to protect diaspora investors
October 12th, 2011 - 8:50 pm ICT by IANSThiruvananthapuram, Oct 12 (IANS) The Kerala government Wednesday announced in the state assembly that if needed new laws would be enacted to protect lowly-paid non-resident Keralite investors from being taken for a ride by fly by night investment companies.
Minister for Non-Resident Keralites Affairs K.C. Joseph said this in response to an issue raised by Congress legislator Joseph Vazhaken.
“We have got numerous complaints of how the hard earned money of the diaspora, who hail from the lower strata of the society, has been cheated by various companies by promising them attractive returns,” he said.
“There are laws but, if need be, we have no qualms in enacting new laws to protect the interests of these people who toil hard in the Middle East,” said Joseph.
Vazhaken pointed out that the existing laws did not safeguard the interests of the poor investors.
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Tags: attractive returns, congress, fly, fly by night, hard earned money, investment companies, investors, kerala government, legislator, middle east, new laws, qualms, state assembly, strata