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| Pak not agreeing to Cross LoC trade banking system | | | Early Times Report
JAMMU, Mar 2: Pakistan is not agreeing to the banking arrangement for the Cross-LoC trade even after strong presentation and pursuation by the Government of India.
According to the Economic survey, for banking facilties at Trade Feliciation Centre, a presentation was made by the representative of the RBI on the proposed banking mechanism in the Joint Working Group meeting. The survey says Indian side made a lot of effort to persuade the Pakistani delegation on this issue in view of the enormous increase in the volume of the trade.
It further reads, as the trade involves two soverign countries, Govt of India and Pakista and since cross LoC trade is not an international trade, there are certain issues which remain to be sorted out.
As the trade is done on barter system there was proposal was to issue pseudo currency notes in the form of tickets, which will denominate the values of the goods in respective countries. These tickets could be converted in the currency.
However, Pakistan rejected the proposal on the premises that it since these pseudo currency notes would be exchanged at the market rate of the currencies, regulated by Reserve Bank of India and its counterpart in Pakistan, it would amount to de-facto recognition of the LoC as an international border.
The Pakistan holds the views that banking transaction would accord Cross LoC trade the status of international trade and it would go stated policy of the Islamabad on Kashmir, which still consider it as a dispute.
The officials manning Cross LoC trade hold the view that barter system only results in the confusion and disputes between trading parties. There are also apprehension about the intentions of the goods supplied as many smuggled goods get in and there are apprehensions that truck can carry things which further terrorism. |
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