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Set up of special department to accelerate monetary action of CPSEs is announced

Set up of special department to accelerate monetary action of CPSEs is announced

The Ministry of Finance has recently planned to set up a special cell under the Department of Investment and Public Property Management (DIPAM) to accelerate monetization of non-primary assets of Central Government-owned companies (CPSEs).

It is a part of the overall plans for adoption of processes and mechanisms for monetization of central government's non-primary assets, mainly land and buildings. The Policy Commission has already identified approximately 35 such companies that can go for a one-time sale in the open market.

Key points of declaration

  • Under this, list of non-primary assets of CPSE companies will be prepared by the policy commission.
  • The list can be sold separately after discussions with the Consultant Group on this list.
  • This group comprises officers of administrative ministries, economic affairs department, investment department and public property management.
  • Under the chairmanship of Finance Minister, the report of policy commission will be taken by alternative mechanism on disinvestment, after which the CPSEs and related administrative ministries will continue the process of monetization.
  • The Property Monetization Department will also look at cases related to the sale of real estate of those who are no longer citizens of India or are residing in countries like China or Pakistan.

Background: Non-primary assets are assets that are either not required or are not used in the business functions of the company. The Union Cabinet has recently approved the institutional framework for strategic disinvestment and monetization of fixed assets under custodian of enemy property. Apart from this, the monetary policy for CPSE assets has been made by the Finance Ministry, under which the policy commission will prepare a list of each of these companies for non-primary assets.

Department of Investment and Public Property Management (DIPAM)

  • From April 14, 2016, the name of the Department of Disinvestment was changed to the Department of Investment and Public Property Management (DIPAM).
  • DIPAM sees all the cases related to investment of Central Government in equities, including disinvestment of equity in Central Public Sector Undertakings.
  • All matters related to the sale of Central Government equity in the sale or private placement or earlier central public sector enterprises also fall under DIPAM.

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