In a move aimed at boosting interaction between those living on the two sides of Line of Control (LoC), the Jammu and Kashmir government Wednesday authorised its Department of Industries and Commerce to work out modalities for establishing banking facilities for cross LoC trade.
“This follows the go-ahead from Reserve Bank of India to institutionalise the cross LoC trade through a proper banking mechanism and to do away with the present barter system,’’ said state’s Education Minister Naeem Akhtar, who is also the state government’s spokesperson. The authorisation came at a cabinet meeting chaired by Chief Minister Mehbooba Mufti here.
“This important decision would go a long way in expanding the scope and ambit of the cross LoC trade,’’ he said, adding that the cabinet had also approved the plan to develop tourism infrastructure at select border points.
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