Dollar as transactional currency in cross-LoC trade could affect Kashmir’s special status: KCCI

5 Dariya News

Srinagar 15-Jun-2016

A traders’ body in Kashmir on Wednesday expressed serious concern over the proposed use of dollar as transactional currency for the cross-LoC trade, saying the move could tinker with the special status of Jammu and Kashmir.“The Kashmir Chamber of Commerce & Industry (Inc) has noted the content of statement made by the Hon’ble Chief Minister, Ms. Mehbooba Mufti on the floor of state Legislative Assembly, in regard to opening more routes for LOC trade and travel with keen concern  and has expressed reservation on the part of the statement that mentions about use of dollar as transactional currency for the LOC trade which makes it ambiguous as it tends to tinker  with the  of constitutional position/ status of the J&K State in terms of Art 370 of the Constitution of India,” a spokesman said.He said that the body has expressed its apprehensions about the implications of such a move as it will impact on the status of the State for which its people have been making great sacrifices ever since Independence.

“The move is apt to stir up the sensitivities of the people of the state leading to disruption of public order  which the traders community can no more  afford having suffered great losses in the past,” he added.Quoting its secretary general Faiz Ahmad Bakshi, he said that they, however, appreciate the Chief Minister’s statement over opening of more routes for enhancing the trade and travel and tourism prospect.“Though it lacks the need for adding more items to 21- trade items’ list as has been the demand of this Chamber from day one,” he added.The Chamber maintains that only opening of more routes can’t serve the purpose unless the trading items are simultaneously increased, and the existing list of 21 items altered with addition of items in demand, he said.“The Kashmir Chamber of Commerce & Industry would, therefore, plead that the Hon’ble Chief Minister may look at the issue in right perspective and see that a system is evolved to allow exchange of currencies of the respective countries for conducting the LOC trade before an apparent boon becomes a bane. The Chamber would expect and urge the Hon’ble Chief Minister to appreciate the concern expressed,” said the spokesman. (CNS)