23-11-2020 | 14:48 PM
DIPAM and World Bank sign Agreement
DIPAM (Department of Investment and Public Asset Management) has concluded an agreement with the World Bank. Under the deal, the World Bank will offer consulting advice on the monetization of reserves.
Asset Monetization creates additional streams of income by unlocking public properties owned or used.
Key Highlights:
DIPAM is planned to promote the monetization of non-core assets and enemy assets of Rs 100 Crores. Plans are in motion to sell minority interests in LIC.
DIPAM has a system for the monetization of properties. The World Bank Advisory Project will evaluate the monetization of public assets in India, benchmark its market and structural frameworks against international best practises.
About enemy property:
During the wars between India and Pakistan in 1965 and 1971, people relocated from India to Pakistan. Under the Protection of India Act, 1962, the Government of India took over the property of those citizens who had selected Pakistani nationality.
They are the enemy's assets. They are under the jurisdiction of the Government of India under the Enemy Property Act.
Enemy Property Act:
In 2017, India amended the Enemy Property Act in 1968. The amendment extended the term "enemy subject" and "enemy firm."
Under the amendment, the Enemy Property will remain in the possession of the Government even though the enemy ceases to be an enemy due to death or other purposes. In fact, the amendment denied the rights of the enemy's legitimate descendants.
