We address in this paper some theoretical and practical issues relating to generation, processing, and management of Parallel Translation Corpus (PTC) in Indian languages, which is under development in a consortium-mode project (ILCI-II) 1 under the aegis of DeitY, Govt. of India. These issues are discussed here for the first time keeping in mind the ready application of PTC in various domains of linguistics including computational linguistics, Natural Language Processing, applied linguistics, lexicography, translation, language description, etc. In a normative manner, we define what is a PTC; describe the process of its construction; identify its features; exemplify the processes of text alignment in PTC; discuss the methods of text analysis; propose for restructuring of translational units; define the process of extraction of translational equivalents; propose for generation of bilingual lexical database and Term Bank from a structured PTC; and finally identify the areas where a PTC and information extracted from it may be utilized. Since construction of PTC in Indian languages is full of hurdles, we try to construct a roadmap with a focus on techniques and methodologies that may be applied for achieving the task. The issues are brought under focus to justify the present work that is trying to construct PTC for some Indian languages for future reference and application.