Property and Asset Transfer Mechanism Established Under Constitution Defining Ownership Allocation Between Union and State Governments
This constitutional provision addresses the transfer of property, assets, rights, liabilities, and obligations from Indian States to the Union and State governments upon the Constitution's commencement. Specifically, properties and assets related to Union List matters will vest with the Union, while other properties and obligations will transfer to the corresponding State governments, subject to potential agreements between the Government of India and the respective State governments.
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