JK to have Industrial Development Corporation, Board of Revenue

Greater Kashmir

The Union Government has formalised a new Board of Revenue and Industrial Development Corporation for Union Territory of Jammu and Kashmir.

As per the Ministry of Home Affairs notification, a new sub-section 5 A has been introduced in the Act by virtue of which union government has formalized a new Board of Revenue for Jammu & Kashmir, which shall be the Chief Controlling Authority for land law matters stipulated under the Union Territory of Jammu and Kashmir Reorganization (Adaptation of State Laws) Fifth Order, 2020.

According to the new law, the Board shall exercise, perform and discharge powers, functions and duties conferred upon it by or under Union Territory of Jammu and Kashmir Reorganization (Adaptation of State Laws) Fifth Order, 2020, or any other law for the time being in force.

“Decide all the matters relating to the Acts repealed under section140, within one year from the Constitution of the Board; and perform all the functions entrusted to it by the Government from time to time. The terms, references and procedure to be followed by the Board shall be such as may be notified by the Government.”

Financial Commissioner Revenue shall be the ex-officio Chairman; and two other members of the rank of Secretary to the Government to be appointed by the Government of the Union territory of Jammu and Kashmir.

The Union government has also ordered the establishment of Jammu & Kashmir Industrial Development Corporation (J&K IDC), which is likely to take over the industrial estates, including their land and asset development and management in the Union territory of Jammu & Kashmir.

Moreover, IDC is also designed as the central agency for the acquisition of lands and other assets for industrial and other types of development in Jammu & Kashmir.

“For the purposes of securing and assisting in the rapid and orderly establishment, and organization of industries in industrial areas and industrial estates in the Union Territory of Jammu and Kashmir and for the purpose of establishing commercial centers in connection with the establishment and organization of such industries, there shall be established by the Government by notification in the Government Gazette, a Corporation by the name of the Jammu and Kashmir Industrial Development Corporation or any other corporation (s) as notified by Jammu and Kashmir Government,” notification reads.

The Corporation shall be a body corporate with perpetual succession and a common seal, and may sue and be sued in its corporate name, and shall be competent to acquire, hold and dispose of property, both movable and immovable, and to contract, and do all things necessary, for the purposes of this Chapter.

The functions of the Corporation shall be— generally to promote and assist in the rapid and orderly establishment, growth and development of Industries in the Union Territory of Jammu & Kashmir, and in particular and without prejudice to the generality of clause (i) to—(a) establish and manage industrial estates at place selected by the Government; develop industrial area selected by the Government for the purpose and make them available for undertakings to establish themselves; develop land on its own account of for the Government for the purpose of facilitating the location of industries and commercial centers thereon.

The Corporation shall have power —(a) to acquire and hold such property, both movable and immovable as the Corporation may deem necessary for the performance of any of its activities, and to lease, sell, exchange or otherwise transfer any property held by it on such conditions as may be deemed proper by the Corporation; (b) to purchase by agreement or to take on lease or under any form of tenancy any land, to erect such buildings and to execute such other works as may be necessary for the purpose of carrying out its duties and functions.