• Tuesday, May 17, 2022

Business

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

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 (Photo: /AFP/Getty Images).

By: Radhakrishna N S

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…

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