New Delhi, Sep 24 (IANS): President Pranab Mukherjee has approved the Wakf Amendment Bill, 2013, thus making it a law, said a statement Tuesday.
Parliament had Sep 5 approved the Waqf Amendment Bill that aims to make properties under the Waqf Board more commercially viable.
According to the bill, the government would maintain the record of Waqf properties and would extend their lease period to a maximum of 30 years.
As per data, there are around four lakh registered Waqf properties across the country. If these are developed, more income can be generated, the government said.
Minority Affairs Minister K. Rahman Khan had said the bill would ensure proper commercial utilisation of Waqf property and generate revenue for socio-economic development of the entire Muslim community.
The bill also aims to strengthen Waqf institutions and streamline their functioning.