India News | Over Rs 2,709 Crore Worth Enemy Property Shares Sold by Govt
Get latest articles and stories on India at LatestLY. Shares worth more than Rs 2,709 crore were sold by the government as part of its initiative to dispose of enemy properties in the country, Lok Sabha was informed on Tuesday.
New Delhi, Dec 5 (PTI) Shares worth more than Rs 2,709 crore were sold by the government as part of its initiative to dispose of enemy properties in the country, Lok Sabha was informed on Tuesday.
Assets left behind by people who have taken citizenship of Pakistan and China -- mostly between 1947 and 1962 -- are called enemy property.
Union Minister of State for Home Ajay Kumar Mishra said in the Lok Sabha that the sale of the movable property such as 'shares' is done on the recommendation of a high-level committee which suggests the quantum and price level for sale of 'shares'.
"As on date, 19 enemy properties in Uttar Pradesh have been disposed by way of sale through e-auction held on September 8, 2023 and shares worth Rs 2709.16 crore have been sold," he said, replying to a written question.
The minister said as per the guidelines, the proceeds of sale or disposal of the enemy property are deposited into the consolidated fund of India.
He said before the disposal or auction of the enemy property, the valuation of immovable enemy property is done by a valuation committee under the chairmanship of the district magistrate of the district, where the property is situated.
The valuation reports submitted by the district magistrate is placed by the custodian before the enemy property disposal committee who gives its recommendation to the Central government for the disposal of enemy property or the manner in which the enemy property may be dealt with, he said.
There are a total of 12,611 establishments called enemy property, roughly estimated to be worth over Rs 1 lakh crore, in the country.
The government formed a Group of Ministers, headed by Union Home Minister Amit Shah, in 2020 to supervise monetisation of enemy properties.
Out of the 12,611 properties vested with the Custodian of Enemy Property for India (CEPI), a total of 12,485 were related to Pakistani nationals and 126 to Chinese citizens.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)