Jammu Traders appeals for financial assistance, waiver of interest

With normal life continue to remain paralysed in the valley over the past one month after the abrogation of special status to Jammu and Kashmir, the business community here Saturday said they are facing acute financial crisis and appealed for financial assistance and waiver of interest on bank loans.

The business sector supplying goods to Kashmir is suffering very badly as traders have no contact with buyers from the valley due to communication blockade, as a result of which payments worth crores are withheld for the supplies made in the month of July and August, a local traders body, Traders Federation Ware House, Nehru Market, said.

"The business of Kashmir and Jammu depends on each other and both of them cannot survive without each other," General Secretary of the Federation Deepak Gupta said.

He said speaking at a meeting of the federation which was convened to discuss the "acute financial crisis" being faced by Jammu traders.

Strict restrictions were placed across Jammu and Kashmir on August 5, the day BJP-led NDA government announced abrogation of the provisions of Article 370 and bifurcation of the state into two Union Territories -- Jammu and Kashmir, and Ladakh.

While the restrictions were gradually eased in most parts especially in Jammu region, the normal life in the valley continued to remain disrupted with all shops and business establishments closed and public transport off the roads.

Barring landline phones, mobile and internet services in the valley continue to remain suspended.

"Despite restrictions in the valley and various districts of Jammu region including Rajouri, Poonch, Doda and Kishtwar, Jammu traders continued the supply of ration and other food items in the areas so that there is no shortage of any kind," he said.

He said the traders have not received any payment from the buyers which has put an economic burden on them as a result of which they are also unable to make payments to the companies.

"In such a situation, the government should come forward to help the traders financially. The Jammu traders have always supported the government whenever there was a crisis and now it is the duty of the government to cooperate in releasing payments from Kashmir and other districts," he said.

He also demanded waiver of interest on bank loans till the complete restoration of internet services in the state.