The government, in order to boost cross-LoC trade in Jammu and Kashmir, is working towards making banking facilities available to the traders replacing the existing bartering system.
This was stated by state finance minister Abdul Rahim Rather, who said the government was keen to promote cross-LOC trade as a sustainable business activity, apart from it serving as a positive CBM between India and Pakistan in general and particularly people living on the two sides of the de facto border.
The minister, who was speaking at a joint meeting of the senior functionaries of the finance department and representatives of Salamabad-Chakoti Trade Union here on Tuesday, said that various other required measures were underway to enhance the trade. Regarding the initiative taken for establishing of bank transaction facilities, he said the RBI has already framed a comprehensive scheme which is under consideration of the governments of India and Pakistan. “Once the scheme gets nod, the banking facilities would be put in place as per the urges and aspirations of the traders,” he said.
He acknowledged the existing bartering system of trade has various inherent problems concerning the traders community.