Srinagar May 16 (KMS)Kashmir Media Service:2013
In occupied Kashmir, the veteran Hurriyet leader, Syed Ali Gilani has said that the proposal for implementation of the Securitization and Reconstruction of Financial Assets and Enforcement of Securities (SARFAESI) Act in Kashmir will prove detrimental to the Kashmiris’ interests.Syed Ali Gilani in a statement issued in Srinagar said that the proposed Act to be implemented through an ordinance was a deliberate attempt to dilute special status to Kashmir “It is aimed at providing one more unconstitutional entry for those outsiders who intend to occupy the estates through illegal means,” he added.
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He said that the ordinance would pave way for the authorities to seize the properties of bank defaulters. “And the properties and assets seized so far will go into the hands of outsiders through the proposed auction. Though the Article 370 guarantees the special status for the territory and the article lays that no property or land shall go to the people residing outside it through sale deed and auction but the proposal of RBI will pave way for the transfer of property and land,” the veteran Hurriyet leader maintained.
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He said that the ordinance would pave way for the authorities to seize the properties of bank defaulters. “And the properties and assets seized so far will go into the hands of outsiders through the proposed auction. Though the Article 370 guarantees the special status for the territory and the article lays that no property or land shall go to the people residing outside it through sale deed and auction but the proposal of RBI will pave way for the transfer of property and land,” the veteran Hurriyet leader maintained.
He feared if the SARFAESI Act is implemented in occupied Kashmir, it would have disastrous impact over the political status of the territory.
Gilani castigated the pro-India political parties for supporting the proposed ordinance. “They (pro-India parties) have always played role against the wishes of Kashmiri people for their vested interests. The ruling National Conference for the lust of power have bargained the special status of Kashmir. NC though claiming to be the champion for so-called autonomy and projecting itself as saviour and mentor for Article 370 has always deceived the Kashmiri people,” he deplored.
Srinagar, May 15 (KMS):Kashmir Media Service:2013
In occupied Kashmir, experts and academicians have expressed strong resentment over puppet Chief Minister Omar Abdullah’s assertion about bringing an ordinance aimed at diluting the Article 370 which accords a special status to Jammu and Kashmir.The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002, allows banks and financial institutions of India to own and auction properties—both residential and commercial—when borrowers fail to repay their loans. However, the Act is not applicable to Jammu and Kashmir as non-state subjects cannot own property in the territory because of the Article 370.
Former Chairman of Jammu and Kashmir Bank and a leading economist, Haseeb Drabu, in an article said that the SARFAEASI Act would jeopardize the special status of Kashmir.
Last week, Revenue Bank of India Governor, D Subbarao, during his visit to Kashmir said that Omar Abdullah had assured him that the authorities would enact SARFAESI Act in the Assembly or extend it through an ordinance shortly.
Shakeel Qalandar, former president of Federation Chamber of Industries Kashmir expressed surprise over the assurance of Omar Abdullah to the RBI Governor, saying “it is a severe attempt to dilute the Article 370, but any attempt to do that would be opposed.”
“You are giving an authority to a non-state subject for holding the rights of property within the territory. In case of any defaults, banks can take over the property or they can sell it out to any other person not necessarily a state subject,” said Qalandar. “It will only give powers to outsiders to buy and sell property here, so it should be unacceptable to anybody in the Jammu and Kashmir.”
Prof Mohi-ud-Din Sangmi, HoD Business and Financial Studies at University of Kashmir said that RBI’s claim that “it cannot force banks to improve the CD Ratio in the state does not hold much water. RBI can take number of measures, which will compel banks to increase the lending.
“Politically they failed to dilute Article 370, now they have taken economic root to grab Kashmir land,” a Kashmir university student wrote on Twitter.
Geelani opposes proposed SARFAESI Act in JK
‘IT IS AIMED TO DILUTE ARTICLE 370’
Greater Kashmir :Srinagar May 15: 2013
Chairman of Hurriyat Conference (G) Syed Ali Shah Geelani on Wednesday said the proposal for implementation of SARFAESI Act in Jammu and Kashmir will prove detrimental to interests of people of the state.
“The proposed Act to be implemented through an ordinance is a deliberate attempt to dilute special status to J&K. It is aimed to provide one more unconstitutional entry for those outsiders who intend to occupy the estates through illegal means,” Geelani said in a statement.
Elaborating Geelani said this ordinance would pave way for the authorities to seize the properties of bank defaulters. “And the properties and assets so seized will go into the hands of outsiders through the proposed auction. Though the Article 370 guaranties the special status for state and the article lays that no property or land shall go to the people residing outside state through sale deed and auction but the said proposal of RBI will pave way for the transfer of property and land,” Geelani said.
“If the SARFAESI Act is implemented in the state, it would have disastrous impact over the political status of State,” he added.
Geelani castigated the mainstream political parties for favoring the proposed ordinance. “They (local mainstream parties) have always for their vested interests played against the wishes of people. The ruling National Conference for the lust of power have bargained the special status of state.
NC though claiming to be the champion for so-called Autonomy and projecting itself as saviour and mentor for Article 370 has always deceived the people of state,” he said.
“They (NC leadership) handed over thousands of kanals of land to Indian forces and enacted infamous Land Grants Bill. We will oppose the proposed SARFAESI Act. We won’t play as mute spectator and we feel our duty to warn the rulers about the effects and miseries it will bring to people of J &K,” Geelani added while castigating the Chief Minister Omar Abdullah for his assurance to RBI Governor to bring an ordinance to make SARFAESI Act applicable in J &K.
Pertinently, the SARFAESI or the Securitization and Reconstruction of Financial Assets and Enforcement of Securities Act, 2002 was enacted to regulate securitization and reconstruction of financial assets and enforcement of security interest created in respect of Financial Assets to enable realization of such assets.
The SARFAESI Act provides for the manner for enforcement of security interests by a secured creditor without the intervention of a court or tribunal. If any borrower fails to discharge his liability in repayment of any secured debt within 60 days of notice from the date of notice by the secured creditor, the secured creditor is conferred with powers under the SARFAESI Act to take possession of the secured assets of the borrower, including transfer by way of lease, assignment or sale, for realizing the secured assets.
Elaborating Geelani said this ordinance would pave way for the authorities to seize the properties of bank defaulters. “And the properties and assets so seized will go into the hands of outsiders through the proposed auction. Though the Article 370 guaranties the special status for state and the article lays that no property or land shall go to the people residing outside state through sale deed and auction but the said proposal of RBI will pave way for the transfer of property and land,” Geelani said.
“If the SARFAESI Act is implemented in the state, it would have disastrous impact over the political status of State,” he added.
Geelani castigated the mainstream political parties for favoring the proposed ordinance. “They (local mainstream parties) have always for their vested interests played against the wishes of people. The ruling National Conference for the lust of power have bargained the special status of state.
NC though claiming to be the champion for so-called Autonomy and projecting itself as saviour and mentor for Article 370 has always deceived the people of state,” he said.
“They (NC leadership) handed over thousands of kanals of land to Indian forces and enacted infamous Land Grants Bill. We will oppose the proposed SARFAESI Act. We won’t play as mute spectator and we feel our duty to warn the rulers about the effects and miseries it will bring to people of J &K,” Geelani added while castigating the Chief Minister Omar Abdullah for his assurance to RBI Governor to bring an ordinance to make SARFAESI Act applicable in J &K.
Pertinently, the SARFAESI or the Securitization and Reconstruction of Financial Assets and Enforcement of Securities Act, 2002 was enacted to regulate securitization and reconstruction of financial assets and enforcement of security interest created in respect of Financial Assets to enable realization of such assets.
The SARFAESI Act provides for the manner for enforcement of security interests by a secured creditor without the intervention of a court or tribunal. If any borrower fails to discharge his liability in repayment of any secured debt within 60 days of notice from the date of notice by the secured creditor, the secured creditor is conferred with powers under the SARFAESI Act to take possession of the secured assets of the borrower, including transfer by way of lease, assignment or sale, for realizing the secured assets.
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