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| Fix Rs 1.80 of Pakistani rupee against Rs 1.00 of Indian rupee | | Cross-LoC traders settle currency dispute | | Early Times Report
RAJOURI, Oct 14: A major dispute between J&K and Pakistani traders was resolved with fixation of exchange currency rate as Rs 1.80 against Indian currency of 1.00 in first ever historic traders meet on zero line at Chakan Da Bagh Poonch.
As per reports, Pakistani traders were paying Rs 1.60 per rupee of India which was creating loss of Crores of rupees to the traders of this side. However in the meeting which was held on Wednesday between a group of about 83 traders from Rawalkot and 65 traders of Jammu & Kashmir, the long pending dispute was resolved. Although the traders also took some other decisions, the meeting remained focus on the exchange currency rate. "We were receiving Rs 1.60 against Rs 1.00 of Indian rupee which was .20 less as Indian rupee cost @ Rs 1.80", Sheeraz Khan, Spokesman of Cross LoC Traders Association Poonch said. He added that this was major problem in the trade and it was creating loss in Crores to the traders of this state. "We had suffered a loss in Crores in past but now we have settled this dispute", he said and added that Indian rupee has again shown swing of .08 against the Pakistani rupee and they have requested Pakistani traders to mention currency rate on every invoice. "Presently Indian rupee cost Rs 1.88 of Pakistani rupee and we are still in .08 loss but we have communicated to the traders to check and mention the exchange rate on the invoice", he added.
Meanwhile President of Cross LoC Traders Poonch said that they have also discussed various other matters with the Pakistani traders. "We request them to build pressure on Government of Pakistan to lift ban on various items", he said adding that they also show its anguish over ban of GoI on various items. "We decided to pressurize our governments to respect Standing Operation procedure signed by the both countries in which 21 items were listed for trade and the same have been shrieked to few items".
The president said that traders have already put fourth their demand to Deputy Commissioner regarding increase of truck reception and departure at Rangar Trade Centre. He also said that a Warehouse is needed on the pattern of Jammu at the Trade Centre and government must fulfill these demands at the earliest.
Meanwhile he said that the traders of both sides of LoC settled all the litigation processes and discussed and calculated the trade benefits and accounts. |
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