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| Banks to begin transaction of money soon: Rather | | Cross-LoC trade | | Early Times Report
SRINAGAR, May 10:
Minister for Finance Abdul Rahim Rather today re-affirmed government’s resolve to promote cross-LOC trade as a sustainable business activity besides positive Confidence Building Measures (CBM) between two neighboring countries of India and Pakistan in general and particularly people living in two parts of the State.
Speaking at a joint meeting of senior functionaries of finance department and representatives of Salamabad Chakoti Trade Union here today, Minister said that the state government is very keen to give a big boost to cross LOC trade, for which all the required measures are being taken. In this context, he referred to government initiatives taken for establishing of Bank transaction facilities for the conduct of cross LOC trade through banking transactions.
RBI has already framed a comprehensive scheme which is under consideration of the Governments of India and Pakistan. Once the scheme gets the nod, the Banking facilities would be put in place as per the urges and aspirations of the traders. Infact, traders from other side of the LOC are also keen to have the cross LOC trade through Bank transaction, Rather said adding that the facility would take over the place of existing bartering system of trade, which has inherent problems concerning traders community.
Jammu and Kashmir Bank is ideally suited on this side of the LOC, for promoting trade. Minister hoped that respecting the aspirations and expectations of traders in POK, government of Pakistan will also take all facilitating steps for promoting this bilateral trade. Minister said that the state government has been interacting regularly with the center for including more items in the existing trade itinerary wherein only 21 items have been notified for transaction from Jammu and Kashmir.
Responding to the pleas of the traders, Minister clarified that legally and constitutionally the cross LOC trade is an intra-State trade, and assured that the finance department within the scope of existing taxation regime in the state would take a holistic view of their peculiar problem to find solution to them so as to promote the cross LOC trade on large scale, which, he said has touched an all time high figure of Rs. 116.69 crore including Rs. 52 crore from Kashmir Division and Rs. 64.69 crore from Jammu Division upto January 2010. He assured that the interests of cross LOC traders would be safeguarded.
Traders represented that the cross LOC trade which has been a bold CBM, is being run mostly by youth of the State and it has picked up satisfactorily despite some heavy odds mainly due to the enthusiasm and emotional aspect attached to this business activity. They expressed their satisfaction over the initiatives of the government for building trade infrastructure at Salamabad Trade Center and sought to include more goods items in the trade besides providing some tax relief to them.
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