Article 297 of CoI : Article 297: Things of value within territorial waters or continental shelf and resources of the exclusive economic zone to vest in the Union.

Explanation using Example

Example 1:

Scenario: A foreign company discovers a large deposit of natural gas within the exclusive economic zone (EEZ) of India, approximately 150 nautical miles off the coast of Gujarat.

Application of Article 297: According to Article 297, any natural resources found within the EEZ of India belong to the Union. Therefore, the foreign company cannot claim ownership of the natural gas deposit. Instead, they must enter into an agreement with the Indian government, which has the exclusive right to exploit these resources. The Union government may grant the company a license or lease to extract the natural gas, subject to Indian laws and regulations.

Example 2:

Scenario: An Indian fisherman finds a sunken ship with valuable artifacts within the territorial waters of India, about 10 nautical miles off the coast of Tamil Nadu.

Application of Article 297: Under Article 297, any valuable items found within the territorial waters of India belong to the Union. The fisherman cannot claim ownership of the artifacts. Instead, he must report the find to the appropriate authorities. The Union government will then decide how to handle the artifacts, which may involve recov...

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