CII Communique - February, 2010

sectoral synergies
infrastructure
Tackling Property-related Issues of NRI/PIOs
Anumber of solutions have been
found to safeguard the interests of
NRIs and PIOs investing in India
and are being implemented soon, said
Mr Salman Khurshid, Union Minister of
State for Corporate Affairs and Minority
Affairs, allaying the concerns of investors
at a seminar on ‘Property-related Issues
of NRI/PIOs’ held on 7 January during
Pravasi Bharatiya Divas in New Delhi. The
Pravasi Bharatiya
D i v a s w a s
organised by the
Union Ministry of
Overseas Indian
Affairs jointly
with CII and the
Government of
NCT of Delhi.
Property records
are being
progressively computerised. The Wakf Board records
would also be computerised in a year and a half, added
Mr Khurshid, assuring that a viable solution has been
found to safeguard the interests of investors in Maytas
Properties. All they need is cash flow to finish the
project and two major infrastructure companies have
come forward to help the Government in this regard,
he said.
“While we are undertaking initiatives to facilitate easier
access for NRIs and PIOs to their property in India
through changes in laws at the State levels, we look
at you to help in designing greater, comprehensive
institutional mechanisms through your experiences in
the developed countries. You are doing a great job in
other countries, come and do something here. Invest in
intellectual property, which can do wonders for India’s
inclusive growth,” the Minister urged.
Mr Vayalar Ravi, Union Minister of Overseas Indian
Affairs, said the property related problems of NRIs
and PIOs are basically of four types: inheritance and
succession, landlord and tenant relationship, registration
of properties and new investments, and non-delivery
by builders. “As property laws differ from state to
state, consultation meetings have been
organised with all the states. Most states
have responded positively by establishing
individual departments or cells to deal
with NRI issues,” he said.
Indian legislature needs to come out with
composite legislation to deal with the
problems of the nearly 30 million Indian
diaspora living in 130 countries abroad,
to avoid them
from importing
judgments from
foreign courts
t o I n d i a f o r
implementation
of their rights,
d e c l a r e d D r
Justice A R
L a k s h m a n a n ,
former Chairman,
Law Commission
of India. “No special fast track courts exist in most
states with high NRI populations to settle these matters
expeditiously. A fresh proposal should be mooted to set
up such courts as soon as possible, he said.
Prof Bimal N Patel, Vice Chancellor, Gujarat National Law University, Dr. A Didar Singh,
Secretary, Ministry of Overseas Indian Affairs, Salman Khurshid, Union Minister of State
for Corporate Affairs & Minority Affairs, Vayalar Ravi, Union Minister of Overseas Indian
Affairs, and Dr. Justice A R Lakshmanan, Former Chairman, Law Commission of India
While complimenting the government on the considerable
progress made in the past seven years on the issue,
Justice A M Ebrahim, Retired Judge of the Supreme
Court of Zimbabwe said, “As an NRI, I am encouraged
with the assurance of two Ministers that comprehensive
planning is being done to avoid the difficulties faced
by NRIs involving themselves in commercial enterprise
and investments in India.” He called for a separate
court process to fast track the issues faced by NRIs in
relation to investments made in India.
Comparing the property laws of various countries,
Prof Bimal N Patel, Vice Chancellor, Gujarat National
Law University urged the government to initiate legally
feasible relief measures to maintain the confidence of
NRIs in the Indian polity and legal & judicial system.
The immediate measures could include a compendium
of applicable laws, setting up of fast track courts
and amendments in Rent Acts of various states, he
suggested.
36 | February 2010 Communiqué