Shahr-e-Khass Traders ask FM to come up with special scheme for small traders for loan adjustments

Srinagar: Shahr-e-Khass Traders have appealed to the Finance Minister Nirmala Sita Raman to come up with a special plan or scheme for the small traders of Jammu and Kashmir UT so that their loans will be fully adjusted.
This after a core body meeting under the presidentship of Bashir Ahmad Kenu regarding the role of financial institutions, banks in business of Jammu and Kashmir and the general situation of the trade and traders after 2019.
The meeting discussed The Jammu and Kashmir Bank launched “Karza Mukti Scheme” for NPA accounts.
The statement added that and the Shahr-e- Khass traders tried hard to persuade some traders to get benefit of that scheme as it is golden opportunity for the traders that bank is offering upto 40% discount to Capital, but as per data only 10% of traders approached banks for the same.
After analysing it came to fore that the NPA traders are willing to close their accounts but they don’t have a single penny to clear the accounts. They lost their whole capital including bank loans due to 2016 turmoil, 2019 turmoil and then Covid- 19 etc, they are not in a position to clear the dues.
It said that India is a big country with a growing economy in the world, and such steps had been taken by governments in past in different states,it will not be so huge amount if the scheme will be for small traders, saying such move will be a big step towards ‘Naya Kashmir’ that the union government promised after abrogation of Article 370. So we once again requested the central Government to take some concrete steps to boost the trade in Kashmir as we are suffered a lot from decades.


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