Jammu and Kashmir's Law Minister Abdul Haq Khan on Sunday said the recent Supreme Court judgment on SARFAESI Act "is an achievement for the state." He said the Supreme Court has upheld special status of Jammu and Kashmir State.
"I have gone through the judgment and read it thoroughly. We have achieved two things in this judgment. First, the Supreme Court has said Article 370 is a permanent provision of the Indian Constitution. And second, it has upheld our state subject laws and reiterated that outsiders can't purchase a movable property in Jammu and Kashmir," local news agency KNS quoted Haq Khan as saying.
He said Jammu and Kashmir "enjoys special status in Union of India and is not a Sovereign State in itself."
"Under Article 370, Jammu and Kashmir enjoys 'Special Status' within the Constitution of India. Article 370 is subservient to Indian Constitution. So it is clarified that Jammu and Kashmir enjoys special status within constitution of India and is not a sovereign state in itself," he said.
He said everyone must read the Supreme Court judgment to "clear doubts and apprehensions, if any."
He also claimed that the case before Supreme Court was "challenged on some provisions of SARFAESI Act."
"SARFAESI Act was enacted in 2002. It empowers banks to sell mortgage of the borrower out of court process," he said.
"In Jammu and Kashmir, the question and concern was can banks sell the mortgaged property to non-locals. In 2010, the then government sought opinion from the State Law department which had informed the government that it would be better to approach Government of India to seek amendment in some of the provisions of SARFAESI Act," Haq said.
He said the Government of India had later agreed and amended the Act and clarified that banks cannot sell immovable property to non-locals in Jammu and Kashmir. He said there must be no confusion on the matter and "once should differentiate between "special Status" and "sovereignty". KNS