The Finance Minister's budget speech on Ist June, 1998 only mentioned the Government's decision to draw up a scheme for issuance of a Person of Indian Origin (PIO) Card to person of Indian origin living abroad and having foreign passports. The PIO Card, which would be extended to persons of Indian origin, settled in countries to be specified by the government, would provide some special economic, educational, financial, cultural and other benefits ...

(Source: LSUQ No. 5945/28.7.1998 by R.S. Rao and T.S. Reddy)