SRINAGAR: The traders from Jammu and Kashmir and Pakistan administered Kashmir (PaK) have finally worked out a “formula” to settle the pending liabilities up to the tune of Rs 1, 00, 00, 000.
In the last six years of the Cross-Line of Control (cross-LoC) trade—a Confidence Building Measure between India and Pakistan—several business deals between the traders from either part of Kashmir have remained unsettled due to abrupt exit of one of the stakeholders.
The unsettled accounts have been piling up as the infrequency of the meetings between the traders nullified any chances of settlement.
However, the traders, in their meeting on Thursday, succeeded in working out a plan to address the issue.
“According to the new formula, the trader will approach the Trade Facilitation Officers on both sides with the information about the unsettled accounts. The officials will deliberate on this, and will subsequently work for amicable settlement of the accounts,” General Secretary of the Salamabad- Chakoti Traders Union Hilal Ahamd Turki told Kashmir Reader on Friday.
The officers, he said, can also facilitate the meetings between the parties involved in the unsettled deals.
“These parties-specific meetings will be part of the traders’ general meetings, which too will now be held frequently,” he said.
To enhance the cross-LoC trade, Turki said exhibitions of different products might be held in the near future.
“The suggestion for holding exhibition was made in the meeting. And the authorities have promised to work on it,” he said.
“It is likely that the first exhibitions will be held at the Trade Facilitation Centre (TFC) in Salamabad and Chakoti. Later, similar events will be organised at other places to showcase the imported products,” Turki added.
According to Turki, the traders in the meeting demanded “hassle-free business permits” to boost the trade as well as the relation between the traders.
The meeting pressed for installation of full-body vehicle scanners in the TFCs.
“We are expecting installation of the scanners by June this year,” he said.