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BW Businessworld

Bank Transactions To Soon Replace Barter Sys In LoC

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Bank transactions are soon expected to replace the barter system in LoC trade between the people of Jammu & Kashmir and the Pakistan Occupied Kashmir (PoK), Minister for Industries and Commerce S.S. Slathia said.
"Bank transaction is expected to replace barter system in LoC trade soon. Banking facilities for trade transactions are under active consideration of the External Ministries of both the countries to replace the existing barter system, which is cumbersome for the traders and businessmen," Slathia said at a public meeting in Kesso Manhasan area in Samba district.
He also said the huge expenditure incurred on guarding borders could be invested on development and poverty alleviation by both the nations.
Slathia said the centre and the state government are keen to restore all trade links with the neighbouring county, adding that state-of-the-art Trade Facilitation Centres (TFCs) at Salamabad, Uri and Chikan-De-Bagh in Poonch are at final stages of construction, costing about Rs 15 crore.
He said the revival of trade ties between the two nations is an important Confidence Building Measure (CBM).
Slathia hailed the dialogue between India and Pakistan, saying it will prove fruitful for the people of both the countries, especially J&K which will be the first beneficiary of peace and tranquillity in the region.
Meanwhile, responding to the demands of people in the region, the Minister announced construction of lanes and drains near Peer Baba as well as a community hall, among other things.