Nizams fund comes to India

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Nizams fund comes to India

Nizams fund comes to India
October 03
11:24 2019

The UK High Court has given a ruling in favour of India in a 70-year-old dispute involving 35 million pounds belonging to the Nizam. The government and over 100 descendants of the last ruler of Hyderabad State likely to get a share in ₹450 crore fund. The court has rejected Pakistan’s claim over the funds deposited in a London Bank during Hyderabad’s accession to India in 1948. The descendants say that they all have the share in the funds and not just Prince Mukarram Jah, the titular eighth Nizam and his younger brother Muffakham Jah. Nizam’s grandson Nawab Najaf Ali Khan welcome the court verdict and said the court has rightly rejected Pakistan’s claim in favour of India, and the descendants of Nizam VII. According to him, there are 120 legal heirs of seventh Nizam, Mir Osman Ali Khan and the funds lying in NatWest Bank plc will be distributed among the legal heirs without further legal wrangling.

After the partition of India and before the merger of the then Hyderabad state with India, Nizam’s Finance Minister Moin Nawaz Jung had transferred 10,07,940 pounds sterling and nine shillings in the name of the Pakistan High Commissioner in London, H.I. Rahimtoola in the NatWest Bank. India raised an objection to the transfer, saying the Nizam was not an independent ruler and prevailed upon the bank to freeze the account. Since then, the matter was hanging fire. The Indian government in 2008 decided to pursue an out-of-court settlement with Pakistan and the heirs of the Nizam.
Nawab Najaf Ali Khan recalled that the cabinet took the decision after the Nizam’s descendants met then Prime Minister Manmohan Singh and then Foreign Minister Pranab Mukherjee. In 2012, they had appealed to Pakistan to reciprocate to India’s offer of an out-of-court settlement. However, in 2013, Pakistan waived its sovereign immunity by issuing a claim for the fund.
AIMIM leader Assaduddin Owisi says this amount is around Rs.450 crore today. He demanded that PrimMinisterNarendra Modi spend this amount to fulfil drinking water needs of Aurangabad city.

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