New Delhi: The government on Friday approved the setting up of the ‘India Development Foundation of Overseas Indians’ to direct funds from abroad for philanthropic purposes.
A proposal for setting up the foundation, a non-profit trust, was forwarded by the Ministry of Overseas Indian Affairs (MOIA) after receiving recommendations from several noted overseas Indians.
“The Foundation will be instrumental for the relief and rehabilitation operations during natural calamities like Tsunami or earthquake. It will also assist overseas Indians to contribute for education, health and rural development in their native districts or villages,” a Ministry official said on Friday.
The foundation will form strong partnerships with reputed NGOs in a bid to direct contributions from overseas Indians to their target beneficiaries.
Once set up, the foundation will have a corpus and a fund management policy in place to establish and maintain a “Social Capital and Philanthropic Network” in India, he said.
A set of reputed overseas Indians will oversee the functioning of the Foundation along with MOIA officials as Directors.
“Currently ideas to seek funds for addressable causes are being ratified by noted overseas Indian philanthropist. Once identified a drive will be initiated to collect funds and disburse them in a transparent manner,” he added.
— DD News
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