KL NEWS NETWORK
Reacting to the newspaper reports published on Tuesday that on the proposal of Finance Minister Dr Haseeb A Drabu, Reserve Bank of India (RBI) has agreed to examine extending the moratorium on repayment of all outstanding advances to the flood-hit people in Kashmir by one year, the Kashmir Traders and Manufacturers Federation this evening said that the initiative should be implemented in letter and spirit.
Terming the development a welcome step, the Kashmir Traders and Manufacturers Federation President Mohammed Yasin Khan who is also the Chairman of his faction of Kashmir Economic Alliance said the government has admitted that the economic recovery after last year flood has been slow.
“While the government has sought extension of moratorium, it should be in accordance with the aspirations of the business community,” Khan said.
Referring to his meeting with the Cabinet Sub-Committee on rehabilitation of flood victims in March this year, Khan said, “we have submitted a detailed memorandum of demands before the government including extension of moratorium, subvention scheme, interest on working capital be waived off to certain limit, final commercial tax so for the business community affected by floods.”
“One year after the floods, the economy of Kashmir, is struggling, for revival and by the time government compensates the victims, the extension of moratorium and grant of soft/interest free loans should not be any problem for the government,” Khan said adding any such initiative will be hailed.
He appealed the RBI Governor Dr Raghuram Rajan and the Finance Minister Dr Haseeb A Drabu to personally look into the matter and treat the case of moratorium and grant of interest free loans as succour to end the humanitarian crisis.