Interest of Maytas investors will be safeguarded

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Maytas investors' interest will be ensured
New Delhi, Jan 8: Putting the concerns of investors, particularly NRIs & PIOs at ease, Salman Khursheed, Minister of Corporate & Minority Affairs said that the Indian government has come up with viable solutions for Maytas Properties" Investors.

"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", the Minister said.

Khursheed encouraged the NRIs and PIOs to increase investment in India and encouraged them to contribute towards the country's growth.

"While we are undertaking initiatives to facilitate easier access for NRIs & PIOs to their property in India through changes in law at the State levels, we look at you people 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 said.

Khurseed said that the country has come up with various solution to safeguard the interest of NRIs and PIOs investors investing in the country which will be implemented shortly.

"Property records are being progressively computerised. The Bakaf Board records would also be computersied in a year & a half," he added.

Khursheed was speaking on at the Seminar on Property Related Issues of NRI/PIOs organised by Ministry of Overseas Indian Affairs jointly with the Government of NCT of Delhi & Confederation of Indian Industry (CII) at Vigyan Bhawan.

Welcoming delegates to the Seminar, Vayalar Ravi, Minister of Overseas Indian Affairs categorised the problems of NRIs and PIOs into four, which are problems regarding inheritance & succession, problems regarding landlord and tenet relationship, problems regarding registration of properties and new investments & non-delivery by builders.

“As State Government property laws differ from state to state, consultation meetings have been organised with all states and all major states have responded positively by establishing individual departments or cells to deal with the NRI issues", the Minister said.

The Seminar was also graced by eminent personalities like Dr Justice A R Lakshmanan, Former Chairman, Law Commission of India, Justice A M Ebrahim, Retired Judge of the Supreme Court of Zimbabwe, Prof Bimal N Patel, Vice Chancellor, Gujarat National Law University, Dr A Didar Singh, Secretary, Minister of Overseas Indian Affairs.

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