SRINAGAR: A day after the Reserve Bank of India (RBI) agreed to extend the moratorium on repayment of all outstanding advances in flood-hit Kashmir Valley, the Kashmir Traders and Manufacturers Federation (KTMF) on Tuesday said the initiative should be implemented in letter and spirit.
Terming the development a “welcome step”, the KTMF President Haji Mohammed Yasin Khan, who is also the Chairman of his faction of Kashmir Economic Alliance, said the government has admitted that the economic recovery after last year’s flood has been slow.
“While the government has sought extension of moratorium, it should be in accordance with the aspirations of the business community,” Khan said in a release issued here.
Referring to his meeting, in March, with the cabinet subcommittee on rehabilitation of flood victims, Khan said KTMF has submitted a detailed memorandum of demands to the government.
“One year after the floods, the economy of Kashmir is struggling for revival, and by the time government compensates the victims, the extension of moratorium and grant of soft, interest-free loans shall not be any problem for the government,” he said.
He appealed the RBI Governor, Dr Raghuram Rajan, and the Finance Minister Dr Haseeb Drabu, to personally look into the matter and treat the case of moratorium and grant of interest-free loans as “succor to end the humanitarian crisis”.