With respect to ldquo ENEMY SHARES rdquo consider the following statements lsquo In principle r...........

Indian Polity Indian Parliament

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With respect to “ENEMY SHARES”, consider the following statements:

‘In principle’ approval has been accorded for sale of enemy shares under the Custody of Ministry of Home Affairs.
Sale proceeds are to be deposited as disinvestment proceeds in the Government Account maintained by Ministry of Defense.

Which of the statements given above is/are correct?

1 only

2 only

Both

None

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Explanation:

Union Cabinet has given its in- principle approval for laying down procedures and mechanisms for sale of enemy shares under the custody of Home Ministry. ‘In principle’ approval has been accorded for sale of enemy shares under the Custody of Ministry of Home Affairs/ Custodian of Enemy Property of India (CEPI), as per sub-section 1 of section 8A of the Enemy Property Act, 1968.Department of Investment and Public Asset Management has been authorized under the provisions of sub-section 7 of section 8A of the Enemy Property Act, 1968, to sell the same. Sale proceeds are to be deposited as disinvestment proceeds in the Government Account maintained by Ministry of Finance.