Skip to content
Search

Latest Stories

India Clears Sale Of Enemy Stocks Held By People Who Moved To Pakistan

India's government said it will sell stocks worth millions of dollars seized from people who moved to Pakistan following partition in 1947 and the wars since, as a way to make up for a shortfall in revenues.

The stocks worth at least Rs 30 billion ($412.26 million) are part of what India calls "enemy properties" that once belonged to people who went to Pakistan and China, with which India also fought a war.


Once these Indian nationals became citizens of these two countries, they were treated as "enemies" and their assets in India including land and houses as well as shares were seized and held by the Custodian of Enemy Property of India.

Prime minister Narendra Modi's government has been tightening the provisions of the Enemy Property Act 1968 to include even lawful heirs who stayed behind and were Indian citizens.

Modi's cabinet on Thursday (8) approved a plan to sell stocks in 996 companies held by 20,323 shareholders, deemed as "enemy shares" the government said in a statement. The government said 588 were active firms including 139 listed on the stock exchange.

"The decision will lead to monetization of enemy shares that had been lying dormant for decades since coming into force (of) the Enemy Property Act in 1968," it said.

Those who left India for Pakistan were Muslims, and relations between the two countries remain fraught after numerous conflicts. Pakistan enacted a similar law at the time and seized properties of those who left for India.

The Indian government's move comes as it is casting around for funds to support welfare programmes in the final months before a national election in the summer of 2019.

It is also struggling to meet its target of raising a record Rs 1 trillion ($14.25bn) from the sale of state assets in the current fiscal year ending in March 2019.

The government said the proceeds from the sale of stocks held under enemy assets would be treated as part of the divestment proceeds.

"The government will gain from the sales of enemy shares and the proceeds will be used for development and social welfare of our people," said federal law minister Ravi Shankar Prasad.

The number of properties with the Custodian of Enemy Property had risen to about 16,000 by last year from 2,100 a few years ago, nearly all taken from Muslim families and are estimated at more than Rs 1 trillion ($13.76bn), media reported ($1 = Rs 72.7700).

Reuters  

More For You

Piyush Goyal

Piyush Goyal recalled that in February, Narendra Modi and Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025. (Photo: Getty Images)

Getty Images

Trade talks with US moving forward positively, says Indian minister Goyal

INDIA’s commerce and industry minister Piyush Goyal on Thursday said that negotiations on the proposed trade agreement between India and the United States, which began in March, are progressing in a positive atmosphere and both sides are satisfied with the discussions.

He recalled that in February, Indian prime minister Narendra Modi and US president Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025.

Keep ReadingShow less
Baiju Bhatt

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. (Photo: Getty Images)

Baiju Bhatt named among youngest billionaires in US by Forbes

INDIAN-AMERICAN entrepreneur Baiju Bhatt, co-founder of the commission-free trading platform Robinhood, has been named among the 10 youngest billionaires in the United States in the 2025 Forbes 400 list.

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. Forbes estimates his net worth at around USD 6–7 billion (£4.4–5.1 billion), primarily from his roughly 6 per cent ownership in Robinhood.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London. (Photo: Getty Images)
Getty Images

Economy shows no growth in July amid political turbulence

UK's ECONOMY showed no growth in July, according to official data released on Friday, adding to a difficult week for prime minister Keir Starmer’s government.

The Office for National Statistics (ONS) said gross domestic product was flat in July, following a 0.4 per cent rise in June.

Keep ReadingShow less
India’s IT sector

India’s $283 billion IT industry, which contributes more than 7 per cent to the country’s GDP, has for over three decades provided services to major clients including Apple, American Express, Cisco, Citigroup, FedEx and Home Depot.

iStock

India’s IT sector faces uncertainty as US proposes 25 per cent outsourcing tax

INDIA’s IT sector is facing uncertainty as US lawmakers consider a 25 per cent tax on companies using foreign outsourcing services.

Analysts and lawyers said the proposal has led to customers delaying or re-negotiating contracts, raising concerns in India, the world’s largest outsourcing hub.

Keep ReadingShow less
Rachel Reeves

'Our economy isn't broken, but it does feel stuck,' Reeves said, speaking alongside the release of a finance ministry report on business property taxation, known as rates.

Getty Images

Reeves signals possible changes to business property taxes ahead of budget

CHANCELLOR Rachel Reeves said on Thursday she is considering changes to business property taxes to support small firms looking to expand, as part of her plans to boost growth.

Reeves’ comments come ahead of her annual budget on November 26, at a time when concerns about possible tax rises and inflation are weighing on businesses and households.

Keep ReadingShow less