The custodian property law of India is an Indian government department empowered to appropriate property in India owned by Pakistani nationals. This authority was established after the Indo-Pakistani War of 1965, and it operates under the Enemy Property Act enacted in 1968.
What is a Custodian in Property Law?
Here are some key points about this law:
Purpose and Scope:
The Custodian of Enemy Property for India (CEPI) manages properties that belong to Pakistani nationals who were declared as “enemies” during the 1965 war.
These properties are scattered across India and include both immovable (land, buildings) and movable (such as bank accounts, shares) assets.
Perpetual Possession:
The Enemy Property Act permits the perpetual possession of these enemy properties by the Custodian.
The central government, through the Custodian, exercises control over these properties.
Ownership and Trustee Role:
Importantly, the Union of India does not acquire ownership of the enemy properties once they are vested in the Custodian.
The Custodian acts as a trustee, managing and administering these properties without transferring ownership rights to the Indian government.
Empanelment of Financial Valuers:
The CEPI periodically conducts auctions of enemy properties.
Financial valuers and consultants are empaneled to assess the value of these properties located across India.
I hope this helps you with what is the meaning of custodian property!
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What is Custodian Property Law in India?
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2024-05-31T08:56:33+00:00 2024-05-31T20:47:07+00:00Comment
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