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Government can get more than 1 lakh crores from sale of enemy assets,

The central government has already given permission to the state governments for the public use of enemy assets. (Express Photo)

The government should look at selling enemy assets, which are worth over one lakh crore rupees, to boost economic growth affected by COVID-19 Pandemic. Nilesh Shah, a part-time member of the Prime Minister’s Economic Advisory Council, has suggested this. Shah said that both India and Pakistan enacted laws to acquire enemy property after the 1965 war. Pakistan has sold this entire property in 1971 itself, but India is 49 years behind in this case. Nilesh Shah is also the Managing Director and Chief Executive Officer of Kotak Mutual Fund.

In a webinar, Shah said,

“You should monetize government property so that you have money available to spend it further”.

He said that this is the best time to remove encroachment and remove the anomalies of ownership by selling such properties. Shah said that there are 9,404 such properties which were made under a government-appointed custodian in 1965.

On the question of how to promote sluggish economic growth, Shah said,

“Sell these properties and get the amount of one lakh crore rupees, this will fulfill your expenses.”

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What is enemy property?

According to sub-section-1 of Section 8-A of the Enemy Property Act 1968, enemy property means property owned or managed by people who had left India at the time of Partition. That is, these are the properties of those who moved to Pakistan after Partition or to China after the India-China War of 1962 and took citizenship there. There are 9280 such properties of Pakistani citizens while 126 properties are left here by Chinese citizens.

The central government has already given permission to the state governments for the public use of enemy assets. According to a notification issued by the Ministry of Home Affairs, the guidelines for the disposal of the Enemy Property Order, 2018 have been amended so that the state governments can use the enemy property exclusively for public use.

After this decision of the government, the onion will be very cheap, know how much it will be

Where how many enemies Property?

Out of the 4991 properties left by those taking Pakistani citizenship, 4991 are located in Uttar Pradesh, which is the highest in the country. There are 2,735 such properties in West Bengal while Delhi has 487 properties.

The highest number of properties left by Chinese citizens are in Meghalaya where there are 57 such properties. There are 29 such properties in West Bengal and 7 in Assam.

(Input: PTI)

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Nisha Chawlahttps://www.businesskhabar.com/
She is an expert in Banking, Finance and working with an international bank. She sharing her ideas and knowledge with Business Khabar.
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