Dollar use for cross-LoC trade tinkers with JK's status:KCCI

An industry body today expressed reservation on the proposal to use dollar as transaction currency for the cross-Line of Control (LoC) trade, saying it would go against the constitutional position of Jammu and Kashmir.
The Kashmir Chamber of Commerce and Industry expressed concern over the statement made by Chief Minister Mehbooba Mufti in the state Legislature in regard to opening of more routes for LoC trade, travel and use of dollar for cross-LoC tarde.
KCCI expresses reservation on the part of the statement that mentions about use of dollar as transactional currency for the trade which makes it ambiguous as it tends to tinker with the constitutional status of the state in terms of Article 370 of the Constitution of India, KCCI Secretary General Faiz Ahmad Bakshi said in a statement here.

The Chief Minister, on Monday, informed the Legislative Council that the Centre has agreed to facilitate banking facility for the cross-LoC trade to institutionalise the existing mechanism and to begin with, the trading will be done in dollars which is a neutral currency.
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, Bakshi said.
KCCI has asked the chief minister to review the decision and see that a system is evolved to allow exchange of currencies of the respective countries for conducting the cross-LoC trade before an apparent boon becomes a bane.

The chamber, however, appreciated the chief minister's statement on opening more routes for enhancing the trade, travel and tourism.
KCCI maintains that only opening of more routes cannot serve the purpose unless the trading items are simultaneously increased and the existing list of 21 items altered with addition of items in demand, Bakshi said.