EDUCATION (CBSE/UGC NET)

Detailed explanation-1: -Zulfikar Ali Bhutto (1928–1979) became President of Pakistan (1971–74) on 21 December 1971 after a disastrous end of 1971 war with India. The nationalisation programme was implemented for the first time in the history of Pakistan and it was promulgated through three different stages.

Detailed explanation-2: -The year 2019 marks 50 years of India’s Bank Nationalisation. On July 19, 1969, Indira Gandhi who was both Prime Minister and Finance Minister at that time decided to nationalise 14 largest private banks of the country.

Detailed explanation-3: -Nationalization is when something that’s been privately owned switches to being controlled by the government.

Detailed explanation-4: -Nationalization is the process of taking privately-controlled companies, industries, or assets and putting them under the control of the government. Nationalization often happens in developing countries and can reflect a nation’s desire to control assets or to assert its dominance over foreign-owned industries.

Detailed explanation-5: –(1) This Act may be called the Banks (Nationalization) Act, 1974. (2) It extends to the whole of Pakistan. (3) It shall come into force at once and shall be deemed to have taken effect on the 1st day of January, 1974.