The Government may, by notification in the Gazette, frame a Scheme to be called the Non-Resident Keralites’ Welfare Scheme for the constitution of a Fund for the welfare of the Non-Resident Keralites under the Act and there shall be constituted, as soon as may be, after the framing of the Scheme, a Fund in accordance with the provisions of this Act and the Scheme.

The following shall be credited to the Fund, namely:-

a.    the contributions under section 4;

b.    grants, loans or advances given by the Government of India or the State Government or the Local Self Government Institutions or any other institution/organization;

c.    donations from any individual or any organization in India or abroad or from any Government agencies in India or abroad or from any other sources;

d.    application/registration fee or any other fee collected under the Act and the Scheme;

e.    amount borrowed by the Board under section 13;

f.    any profit or interest or dividend or other returns on nay investment or share made by the Board;

g.    any unclaimed consolidated amount of members under nay of the provisions of this Act or the Scheme, as may be prescribed;

h.    any amount raised by the Board by any other source for augmenting the resources of the Fund.

The Fund shall vest in and be administered by the Board

The Fund may be utilized for all or may of the following purposes, namely:-

a.    for the payment of pension to the members and deemed members who had completed sixty years of age and had remitted contribution for not less than five years;

b.    for the payment of family pension on the death of a member or a deemed member who had remitted contribution for not less than five years
Explanation: - For computing the period of five years, the contributions given by him as a member and as a deemed member shall be counted.

c.    for the refund of the amount of contribution remitted by the members who had become unable to work for more than two years due to permanent physical disability or died while being a member or had completed sixty years of age;

d.    for the payment of financial assistance on the death of a member due to illness or accident;

e.    for the payment of financial assistance for the medical treatment of the members affected with serious illness;

f.    for the payment of financial assistance for the marriage of the women members and daughters of the members and for maternity benefit to women members;

g.    for giving financial assistance or loans or advances for the members for the construction of dwelling house or for the purchase of land or for the purchase of land and building or for the maintenance of house or for education facilities, including higher education, to the children of members;

h.    for the payment of self-employment assistance or loans to seek self employment to the repatriated persons’

i.    for the payment of financial assistance to a member who suffers from permanent physical disability which incapacitated him to attend any work for his livelihood;

j.    for investment in nay company or firm or co-operative society or in any other society or institution constituted under the provisions of this Act; and

k.    for any other purpose specified in the Scheme.

The Scheme framed under sub-section (1) may provide for the matters specified in sub-section (4) and in the Schedule to this Act.

The Scheme shall be laid as soon as may be, after it is framed, before the Legislative Assembly while it is in session for a total period of fourteen days which may be comprised in one session, or in two successive sessions, and if, before the expiry of the session in which it is so laid or the session immediately following, the Legislative Assembly makes any modification in the Scheme, the Scheme shall thereafter have effect only in such modified form, so however that any such modification shall be without prejudice to the validity of anything previously done under the Scheme.