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
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
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
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.