Traders incur around Rs 50 cr loss as LoC trade remains

Businessmen engaged in Cross-LoC Trade in Jammu and Kashmir's Poonch district have suffered a loss of around Rs 50 crore since its suspension, officials said today.
The suspension of the trade between India and Pakistan through the district today entered its eighth consecutive week, they said.
The cross-LoC bus service, billed as the biggest confidence building measure between the two countries, is also suspended along the Poonch-Rawalakot route through Chakan-da- Bagh crossing point since July 10.
"The cross-LoC Trade was scheduled to take place today butit could not happen. Therefore, it remains suspended for the eighthconsecutive week," custodian of LoC Trade (Poonch), Mohammad Tanveer, told PTI.

He said goods worth Rs 6 to 7 crore used to be traded from this side every week. "The traders suffered a loss of Rs 48 to Rs 56 crore due tothe suspension of the Cross-LoC Trade," Tanveer said.
He said goods worth Rs 1,500 crore were traded by businessmen of the divided parts of Kashmir since the start ofthe facility in 2008.

"The figure covers both import and exported goods that have been traded throughChakan-da-Bagh trade facilitation centre," he said.
Thetrade, which usually takes place for three days from Tuesday, wassuspended on July 11 after heavy firing and shelling from thePakistani side that damaged trade facilitation centres and police barracks.

Besides Poonch, the Cross-LoC Trade also takes place throughthe Srinagar-Muzaffarabad road in Uri sector of the Kashmir valley.
The Cross-LoC Trade takes place on barter system and has survived opposition fromvarious quarters, including separatists and militants, in the Valleyand right-wing political parties in Jammu.
The trade has also been in focus amid reports that the National Investigation Agency (NIA), which is probing terror fundingin Kashmir, may recommend its closure.
However, Jammu and Kashmir Chief Minister Mehbooba Mufti last month stronglyrooted for cross-LoC trade, stating that her party, the PDP, will notallow its closure and continue to work towards opening more routesacross the LoC with Pakistan-occupied-Kashmir.