Traders incur around ₹50 crore loss as LoC trade remains suspended for 8th week

Businessmen engaged in Cross-LoC Trade in Jammu and Kashmir’s Poonch district have suffered a loss of around ₹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 but it could not happen. Therefore, it remains suspended for the eighth consecutive week,” custodian of LoC Trade (Poonch), Mohammad Tanveer, told



PTI.

He said goods worth ₹6 to 7 crore used to be traded from this side every week. “The traders suffered a loss of ₹48 to ₹56 crore due to the suspension of the Cross-LoC Trade,” Mr. Tanveer said.

He said goods worth ₹1,500 crore were traded by businessmen of the divided parts of Kashmir since the start of the facility in 2008.

“The figure covers both import and exported goods that have been traded through Chakan-da-Bagh trade facilitation centre,” he said.

The trade, which usually takes place for three days from Tuesday, was suspended on July 11 after heavy firing and shelling from the Pakistani side that damaged trade facilitation centres and police barracks.