The bill will be put up for public debate soon and will be sent to the Parliament for approval.
Beneficiaries will not receive fixed assets as compensation, reads the draft act.
Compensation requests must be submitted within a peremptory period of 60 days, which may be extended only once, by at most 30 days.
The European Court of Human Rights (ECHR) asked Romania to adopt in 18 months new regulations on granting compensation to people whose property was nationalized during the communist regime. Romania has until the end of July to comply with the requirement.
The ECHR said the way the Romanian state currently pays compensation is not efficient.