Business Mantra News
- Government of India is planning to auction 9400 ‘enemy properties’ which are valued more than Rs. 1 Lacs Crore.
- The Home Ministry has taken step as it has started the process of identifying these properties for auction.
- These assets include properties of those who moved to China and Pakistan after partition and obtain citizenship of those respective countries.
- The Government took this move after the confirmation that the heirs of those who shifted to Pakistan and China during Partition will have no claim over the properties left behind in India as amendment has been made 49-year-old Enemy Property (Amendment and Validation) Act.
- The Union Minister is being informed that survey of 6289 properties have been completed and they will further complete the survey of remaining properties which are in the hands of guardian of these migrated people.
- The Minister has asked to dispose of those assets which are unclaimed or free from any hindrance for monetization purposes.
It is noteworthy to mention that Pakistan has already disposed of enemy properties belonging to Indians within Pakistan’s territory.