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| Cross-LoC trade may not bank on barter system | | | EARLY TIMES REPORT
JAMMU, Oct 1:Following plans of opening branches of Indian banks in Pakistan and the Pakistani banks in India the three-year old cross LoC trade may not bank on the barter system. During the last three years traders on either side of the LoC exchanged goods for goods because of lack of banking facilities.
Also, since the two sides could not decide on currency issue the traders had to depend on the barter system. Invariably traders complained of losses.
However, during the recent meeting between Commerce Ministers of India and Pakistan in New Delhi, the two sides are set to allow banks to open branches in each other's countries, simplify visa rules for business persons and ease land routes.
Once the tentative agreement gets implemented traders in Jammu and Kashmir would be highly benefited. It is so because the traders in Jammu and Kashmir work under restrictions as far as the number of items they can export to Pakistan occupied Kashmir.
Market trends reveal that once the banking facilities were introduced the quantum of export items from Jammu and Kashmir is expected to expand and increase.
When the traders voiced their concern and difficulties over the lack of cross-LoC banking facilities the Jammu and Kashmir Bank had announced its desire to open its branches across the LoC.
But since the two countries had y et to give a nod to opening bank branches in each other's country J&K Bank failed to open its branch across the LoC
Now that the two sides are on the threshold of expanding the banking facilities Jammu Kashmir Bank is likely to be the first Bank in India to open its branch across the LoC.
It will help the traders in Jammu and Kashmir who keep on exporting various items to Pakistan occupied Kashmir.
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