Custodian for Enemy Property for India
Encyclopedia
The Custodian of Enemy Property
for India is an India
n government department that is empowered to appropriate property in India owned by Pakistan
i nationals. After the Indo-Pakistani War of 1965
, the Enemy Property Act was promulgated in 1968 . The act authorised the Central Government of India
to appoint a custodian for enemy property for India and one or more deputy/assistant custodians as assistances. There is also a provision which validates the appointments made under the Defence of India Rules 1962 and 1971 . The Pakistani nationals in question were citizens of undivided India before the Partition of India in 1947 took place, and left India to settle down in Pakistan.
Under the notification issued on 10 September and 11 September 1965, the Central Government vested the following property in India belonging to, held by, or managed on behalf of Pakistani nationals; entrusting the property and its appurtenances in the hands of the custodian with immediate effect. This includes all immovable property, all lockers and safe deposits; and all negotiable instruments such as promissory notes, shares, debentures and other Commerce.
Citizens of India are banned from entering any transactions by way of granting development rights, sale/transfer/mortgage of 1/3 of a property in India declared as "enemy" property. The office of the Custodian are located in Bombay with a branch in Calcutta.
. The maturity for the year 2004-2005 is expected to touch 135 crores. A balance of 0.22 crores is in the personal ledger account of the Custodian maintained by the Central Bank of India
. A sum of 51 lakhs (5.1 million) is kept in the fixed deposit in the name of Habib Bank.
Custodian of Enemy Property
The Custodian of Enemy Property is an institution that handles property claims created by war. In wartime,civilian property may be left behind or taken by the occupying state. In ancient times, such property was considered war loot, and the legal right of the winner...
for India is an India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
n government department that is empowered to appropriate property in India owned by Pakistan
Pakistan
Pakistan , officially the Islamic Republic of Pakistan is a sovereign state in South Asia. It has a coastline along the Arabian Sea and the Gulf of Oman in the south and is bordered by Afghanistan and Iran in the west, India in the east and China in the far northeast. In the north, Tajikistan...
i nationals. After the Indo-Pakistani War of 1965
Indo-Pakistani War of 1965
The Indo-Pakistani War of 1965 was a culmination of skirmishes that took place between April 1965 and September 1965 between Pakistan and India. This conflict became known as the Second Kashmir War fought by India and Pakistan over the disputed region of Kashmir, the first having been fought in 1947...
, the Enemy Property Act was promulgated in 1968 . The act authorised the Central Government of India
Government of India
The Government of India, officially known as the Union Government, and also known as the Central Government, was established by the Constitution of India, and is the governing authority of the union of 28 states and seven union territories, collectively called the Republic of India...
to appoint a custodian for enemy property for India and one or more deputy/assistant custodians as assistances. There is also a provision which validates the appointments made under the Defence of India Rules 1962 and 1971 . The Pakistani nationals in question were citizens of undivided India before the Partition of India in 1947 took place, and left India to settle down in Pakistan.
Under the notification issued on 10 September and 11 September 1965, the Central Government vested the following property in India belonging to, held by, or managed on behalf of Pakistani nationals; entrusting the property and its appurtenances in the hands of the custodian with immediate effect. This includes all immovable property, all lockers and safe deposits; and all negotiable instruments such as promissory notes, shares, debentures and other Commerce.
Citizens of India are banned from entering any transactions by way of granting development rights, sale/transfer/mortgage of 1/3 of a property in India declared as "enemy" property. The office of the Custodian are located in Bombay with a branch in Calcutta.
Income
The fees equal two percent on the gross income from the properties vested in the Custodian. The income received by way of rent, interest etc. on securities is invested in the Reserve Bank of IndiaReserve Bank of India
The Reserve Bank of India is the central banking institution of India and controls the monetary policy of the rupee as well as US$300.21 billion of currency reserves. The institution was established on 1 April 1935 during the British Raj in accordance with the provisions of the Reserve Bank of...
. The maturity for the year 2004-2005 is expected to touch 135 crores. A balance of 0.22 crores is in the personal ledger account of the Custodian maintained by the Central Bank of India
Central Bank of India
Central Bank of India , a government-owned bank, is one of the oldest and largest commercial banks in India. It is based in Mumbai...
. A sum of 51 lakhs (5.1 million) is kept in the fixed deposit in the name of Habib Bank.