India,Pak mull banking facility for cross border trade

Rather 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 Pakistan. Once the scheme gets the nod,the Banking facilities would be put in place as per the urges and aspirations of the traders,” he said.

The Minister said the traders from other side of the LOC in Pakistan-occupied Kashmir are also keen to have the trade through Bank transactions.

“The facility would take over the place of existing barter system of trade,which has various inherent problems concerning the traders’ community,” he said.

The Minister expressed hoped that respecting the aspirations and expectations of traders in PoK,Government of Pakistan will also take all facilitating steps for promoting this bilateral trade.

Rather said the State Government has been interacting regularly with the Centre for including more items in the existing trade itinerary wherein only 21 items have been notified for transaction from Jammu and Kashmir State.

Responding to the pleas of the traders,the Minister said legally and constitutionally the cross LOC trade is an intra-State trade.