Govt sets up panel for assets division
- As per Section 84 of the Jammu and Kashmir Reorganisation Act 2019, the assets and liabilities of the existing State of Jammu and Kashmir have to be apportioned between the Union Territory of Jammu and Kashmir and Union Territory of Ladakh according to the various provisions of the Jammu and Kashmir Reorganisation Act, 2019.
- The apportionment of the assets and liabilities of the existing State of Jammu and Kashmir shall be subject to the recommendations of a Committee constituted by the CentraI Government.
- As per Section 85 of the Jammu and Kashmir Reorganisation Act, 2019, the central government establishes one or more Advisory Committees for apportionment of the assets, rights and liabilities.
- The Jammu and Kashmir Reorganisation Act, 2019 is an act of the Parliament of India. It contains provisions to reconstitute the state of Jammu and Kashmir into two union territories, one to be eponymously called Jammu and Kashmir, and the other Ladakh.
- The act will come into effect on 31 October 2019. A bill for the act was introduced by the Minister of Home Affairs Amit Shah in the Rajya Sabha, on 5 August 2019.
- The introduction of the bill was preceded by a presidential order under Article 370 of the Indian constitution that revoked Jammu and Kashmir's special status, and mandating, inter alia, that all the provisions of the Indian Constitution would be applicable to Jammu and Kashmir.