New Delhi, Jan.29 (ANI): Launching the National Waqf Development Corporation Limited, Prime Minister Manmohan Singh on Wednesday said the properties under the Waqf board can be used for the socio-economic development and benefit of the Muslim community.
Speaking at the inauguration ceremony of NAWADCO here, Dr. Singh said, "There are more than 4.9 lakh registered waqf properties in India today which fetch an annual income of about Rs.163 crore. Many of these properties have the potential of generating considerable returns, which in turn could be used for the socio-economic development of the Muslim community. As per the estimates of the Sachar Committee, if these properties are properly developed, they could fetch an annual income of about Rs. 12000 crore, assuming an annual return of 10 percent on the value of the property. It is this vast potential that NAWADCO will strive to realize."
Dr. Singh said NAWADCO is just one of the several far reaching initiatives that the Ministry of Minority Affairs has taken ever since its inception in the year 2006.
"This Corporation has been established with an authorized share capital of Rs.500 Crore. It will facilitate and mobilize financial resources for setting up of facilities like schools, colleges, hospitals on waqf properties for community purposes in a transparent manner," Dr. Singh said.
Commenting on recently amended Waqf (Amendment) Act, 2013, Dr. Singh said, "The amendments are expected to bring transparency in administration of waqf properties and provide an enabling environment for the development and utilization of waqf lands to the benefit of the Muslim community."
"The amended Act has particularly strengthened the role of Central Waqf Council (CWC), which was established to advise the Government on matters pertaining to the working of State Waqf Boards and proper administration of waqf properties. The Council is now empowered to issue directives to State Waqf Boards on their performance, particularly on their financial performance, survey of waqf properties, maintenance of waqf deeds, and prevention of encroachment of waqf properties," he added.
Dr. Singh also said NAWADCO adds to the efforts of the government and expressed hope that the Corporation will make full use of the enabling environment for the development of waqf properties.
"The UPA Government has been unwavering in its commitment for the protection and promotion of the interests of minorities. We have implemented most of the recommendations of the Sachar Committee. The 15 point program and the Multi-sectoral Development Program are large initiatives focused on removing the development deficit which some minorities suffer from. Another important intervention has been the scholarship schemes for children from the minority communities," he added.
The NAWADCO is termed as an important institution for the development of Waqf properties for the community welfare particularly for Muslims in India. The establishment of NAWADCO is a follow up of Sachchar Committee recommendation.
India has the largest number of Waqf properties in the world. There are more than 4.9 lakh registered Auqaf (waqf properties) and the current annual income from these properties is about Rs.163 crores.
Sachar Committee has estimated that such properties, if properly developed, with a minimum return of 10%, would be capable of generating an income of Rs.12000 crore per annum.
NAWADCO will also facilitate and mobilize financial resources for the development of Waqf properties for community development purposes in a joint venture with the State / Union Territory Waqf Boards and the Mutawallis. The Waqf Boards and the Muthawallis were not having the financial resources to develop the properties leading to encroachments.
The Indian Government had recently enacted the Waqf (Amendment) Act, 2013 making administration of waqf properties transparent. The Act will also provide an enabling environment for development and utilization of waqf lands for welfare of minorities. (ANI)
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