Cross-LoC trade to get banking back-up

Government gets RBI nod, takes first step towards ending barter practice

Cross-LoC trade to get banking back-upThe Cabinet today decided to give banking back-up to trade across the Line of Control (LoC) so that the barter system could be abolished.
The Department of Industries and Commerce was given the task of preparing a project and submitting it to the Cabinet. The Cabinet meeting was chaired by Chief Minister Mehbooba Mufti at the Civil Secretariat.
Addressing a press conference after the Cabinet meeting, Minister for Education Nayeem Akhter said the Government of India had told the state government to start banking facility for cross-LoC trade.
“The Reserve Bank of India has given its consent. This was the main demand of traders involved in cross-LoC trade. Today, the Cabinet decided to give banking back-up,” he said.
Cross-LoC trade is based on a barter system till now, in which goods are exchanged without money changing hands. The decision will give a boost to trade across the LoC.
In a step towards regularisation of daily-rated workers, need-based workers and other such workers, the Cabinet decided to go in for their Aadhaar-based biometric registration.
“We are not aware of how many people have been engaged in different departments. This registration will help in knowing the exact number so that if any policy decision is taken in the future, the government remains aware of it,” he said.
Akhter said Jammu and Kashmir was on the threshold of witnessing massive infrastructural development as a lot of money had been sanctioned for the state.
“To properly channelise and gainfully utilise the money, the Planning and Development Department will be reoriented. Different divisions will be established so that money is properly utilised and work monitored as well,” he added.
The Cabinet sanctioned the establishment of five new divisions — development strategy, project formulation, area planning, project monitoring and evaluation, and coordination divisions.
The Cabinet decided to improve facilities in Suchetgarh and Chamliyal areas in an effort to give a boost to border tourism.
“We want these areas to be developed like Wagah, but for that purpose, both India and Pakistan have to decide,” Akhter said.
To improve road connectivity, the government gave forest clearance to the NHAI for acquiring more land for construction of the Zojila tunnel in the Sonamarg area of Ganderbal district.
“Money received from the construction agency will be spent by the Forest Department for afforestation purposes,” he said.
The Cabinet decided to double the honorarium of lambardars from Rs 751 to Rs 1,501 and of chowkidars from Rs 750 to Rs 1,500. It directed the Revenue Department to utilise their services for development.