Indian government has cleared the sale of enemy shares and has stated that it will sell the stocks seized from the people who had gone to Pakistan after partition of the country in 1947. The stocks are worth millions of dollars and will be sold to suffice the shortfall in revenues. The stocks have a worth of about 30 billion rupees which India labels as the enemy properties which used to belong to the people who had moved either to Pakistan or China. India has also fought wars with both the nations.
The people who moved when took citizenship of those countries, they became enemies of the Indian nation. All their properties and belongings which included land and houses were seized by the Custodian of Enemy Property of India.
Modi government has made the clauses of the Enemy Property Act 1968 more stringent to even include the lawful heirs who were Indian citizens had stayed back under its ambit. It was on Thursday, the Cabinet gave its nod to sell stocks in 996 companies which belonged to 20,323 people as enemy properties. The government clarified that out of these 588 were active and 139 of them were even listed companies on stock exchange. The new decision will thus mobilise the enemy shares which have been lying dormant for decades.
Pakistan had also passed a similar law for the people who had left its soil for India. The move has come at a vital time when government is gathering funds to back its running welfare programmes. The proceeds from the above sale will be seen as divestment proceeds.