CTF calls on Union Finance Minister, submits memorandum

CTF delegation from Jammu handing over a memorandum to Union Finance Minister, Nirmala Sitharaman at New Delhi.
CTF delegation from Jammu handing over a memorandum to Union Finance Minister, Nirmala Sitharaman at New Delhi.

Excelsior Correspondent
JAMMU, Jan 7: Seeking one time assistance of up to Rs 15 (fifteen) lakh for MSMEs to offset the economic cost of transformation of Jammu and Kashmir, Chamber of Traders Federation (CTF) submitted a memorandum to Finance Minister, Nirmala Sitharaman at Ram Leela Maidan , New Delhi.
Expressing gratitude for abolishing Toll Tax on goods, Neeraj Anand, president CTF, Jammu who is leading a 30 member delegation from Jammu and Kashmir on behalf of the trading community handed over the memorandum to the Finance Minister.
The memorandum further seeks fiscal incentives besides lists various suggestions for boosting trade in Jammu and Kashmir.
The memorandum while welcoming the abolition of Toll Tax at Lakhanpur said CTF is of the firm belief that post abolition of Toll Tax on goods, a new era of prosperity would usher in soon. Traders in J&K are now saved from double taxation besides the consumers are getting goods at cheaper rates.
The CTF complimented Prime Minister, Narendra Modi for such a move and pledged its support to tirelessly work towards achieving the goal of five trillion dollar economy.
Highlighting the issues of traders, the memorandum said that the newly formed Union Territory of Jammu and Kashmir is in transformation stage and business environment had not been conducive for trade due to pre-emptive restrictions put in place to counter adversaries from across the border. “Though we are relieved about security situation that has stabilized to a larger extent but business in general has suffered a lot and would require special incentives and concessions for its revival’’, it added.
The CTF sought immediate financial package to help stakeholders like growers, cold storage owners, transporters and traders to survive the economic impact of such pre-emptive security measures. The memorandum said that even prior to such corrective measures Jammu and Kashmir had been in turmoil from last 30 years thus making the stakeholder vulnerable to collapse as the benefits of economic activities could not reach them fully due to the peculiar socio-political issues which marred the erstwhile State.
It demanded that important remedial measures are required to help in reviving the economy as well as to suitably compensate the trade.
It further demanded Interest waiver on all sorts of trade loans, cash credit limits etc. at least till March 2020 for all stakeholders, rescheduling of loans whether classified as distressed or not as many people fearing adverse CIBIL score and social disgrace have borrowed money from other channels to prevent their accounts from turning NPAs, re-capitalization of small accounts – artisans, marginalized farmers, small traders have suffered immensely even losing on whatever capital they had and their accounts should be adequately recapitalized so that they can restart their lives with dignity.
It further demanded one time assistance up to Rs. 15 lakh for small and medium traders and a similar amount based on certain formula for medium and large Industries should be sanctioned immediately to offset the economic impact of transformation, budgetary provisions to cap unrealistic airfares to promote tourism and give relief to common man. It demanded that an advisory to Airline Companies on the subject matter would be much appreciated.
The memorandum also demanded that work on Udhampur- Banihal railway line be expedited to make transportation of goods and well as movement of people much easier and possible across the year thus boosting the overall economy of the UT.