Srinagar, May 10 (Scoop News) – The Minister for Finance and Ladakh Affairs, Abdul Rahim Rather today re-affirmed Governments resolve to promote cross LOC trade as a sustainable business activity besides a positive Confidence Building Measures (CBM) between the 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 the senior functionaries of Finance department and representatives of Salamabad Chakoti Trade Union here today, the 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, the 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 various inherent problems concerning the traders community. The Jammu and Kashmir Bank is ideally suited on this side of the LOC, for promoting trade. The 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.
The 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 State. These items include fresh & Dry fruits, vegetables, aromatic and herbal plants and flowers produced in the State.
Responding to the pleas of the traders, the 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 `. 116.69 crore including `. 52 crore from Kashmir Division and `. 64.69 crore from Jammu Division upto January 2010. He assured that the interests of cross LOC traders would be safeguarded.
The 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.
The Economic Advisor to Government, Jalil Ahmed Kham, Commissioner/Secretary, Finance, Sudhanshu Panday, Commissioner, Excise and Commercial Taxes, G.A.Peer, Additional Secretary, Commercial Taxes, Mushtaq Ahmed, Deputy Commissioner, Commercial Taxes, HQ Showkat Ahmed were present in the meeting. The Salamabad Chakoti Trade union was represented by its Vice President, Mohd. Tariq Khan General Secretary, Hilal Ahmad Turkey, and members Rashid Ali Zargar and Manzoor Ahmad Khan.