news details |
|
|
| ‘LoC banking to dilute Indian stand on POK’ | | | Miniya Chatterji | 10/7/2015 11:39:35 PM |
| Kunal Shrivatsa
Early Times Report
JAMMU, Oct 7: Ever since the formation of the Peoples' Democratic Party (PDP) and the Bharatiya Janta Party (BJP) coalition government, the saffron party, which first time assumed power in the state, had to cut a sorry figure on number of issues including the abrogation of Article 370, establishment of AIIMS in Jammu region, imposition of service tax on commercial heli-service and most recent the ban on sale of beef.
In such sequence of events unfolding one after another has pushed the BJP to a discomfort zone, another issue so far not that predominant in the political circles of the state, has the potential to become 'Achilles heel' of the saffron party in the near future.
Yes, the PDP's consistent advocacy on starting banking mechanism to facilitate Cross-Line of Control (LoC) trade could bring more embarrassment for the BJP as introduction of such a mode would alter the stand point of Union government with regard to Pakistan occupied Kashmir (PoK), that it is an integral part of India since allowing trade in foreign currency between the two sides is nothing but a mute acceptance that PoK is an 'independent entity'.
According to finance experts, the introduction of banking system for the Cross-LoC trade will have far reaching ramifications as involving banking mode would dilute the Indian stand that PoK is very much a part of India but is under unlawful control of Pakistan.
"While CM Mufti Sayeed is envisioning financial transactions involved in Cross-LoC trade between the two areas through banking system, however, what he thinks or wants is quite contrary to Indian government's position over last more than sixty years on PoK….All through these years, India considers PoK as an integral part of India currently under illegal occupation of Pakistan… If such a mode of making payments is implemented then the PoK automatically will get a status of autonomous area," wishing anonymity, a finance expert said.
"The Cross-LoC trade at the moment is being governed through a kind of barter system which is being regulated jointly by the Chambers of Commerce from the two sides…. The present form of barter system is ideally best suitable option for India to carry out the trade if it doesn't want to lose its claims over PoK," he added.
According to reliable sources, in view of the difficulties faced by the traders in maintaining parity in the barter trade, the Chamber of Industries and Commerce of Jammu as well as Kashmir as also the Jammu and Kashmir (J&K) Bank Ltd approached the Union Government and Reserve Bank of India (RBI) some time back with a request to create a mechanism which would enable the trade to take place through normal banking channels. The J&K Bank has also forwarded a detailed proposal to RBI in which it has, in effect, suggested to treat the trade between the two areas in the same manner as it takes place between two different countries.
It is pertinent to mention here that the official position consistently maintained over the years by Government of India at all international forums is that the entire State of Jammu and Kashmir, including the area that has come to be known as Pak Occupied Kashmir (POK), whose 78,114 sq.km area is currently under illegal occupation of Pakistan, is an integral part of India. As many as 24 seats in the Jammu and Kashmir Legislative Assembly are reserved for the representatives of the residents of PoK. Under the J&K State Constitution, these seats are to be filled in, as and when the area returns to the State.
The Cross-LoC trade was started between two sides in October 2008 as part of the Confidence Building Measures (CBMs) to improve Indo-Pak relations. |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
 |
|
|
|
|
STOCK UPDATE |
|
|
 |
| BSE
Sensex |
 |
| NSE
Nifty |
|
|
| |
CRICKET UPDATE |
|
|
|
|
| |
| |
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
