12th January 2010
Jammu
SLBC Sub-committee recommends extension of concessions to trade and industry
A meeting of the Sub-Committee of J&K State Level Bankers' Committee (SLBC) on Relaxations/ Concessions to Trade and Industry in J&K State was held today at J&K Bank, Zonal office, Rail Head Complex, Jammu.
Presided over by Mr. A. K. Mehta, Executive Director & Chief Operating Officer, J&K Bank (Convenor Bank), the meeting deliberated at length, the issue of extension or otherwise in the period of package of Concessions and Relaxations to Trade and Industry in the state. The package is due to expire on 31st March, 2010. The meeting was attended by representatives of all the members of the Sub-Committee including the J&K Bank, Reserve Bank of India, J&K Govt. Industries & Commerce Department, SBI, PNB, UCO Bank, SIDBI, President, Kashmir Chamber of Commerce & Industry, President, Jammu Chamber of Commerce & Industry, Chairman, Federation of Commerce & Industries Kashmir and Chairman, Federation of Industries, Jammu.
The representatives of Trade & Industry strongly pleaded further extension of package for at least a period of three years in view of the ‘peculiar hostile conditions persisting in the State'. They further pleaded that the entrepreneurs and traders suffering due to such conditions deserved a differential treatment.
Emphasizing on the need for further extension of the package and making it broad based considering the J&K specific conditions, traders demanded additional concessions on process charges, penal interest, cheque book charges, cheque return charges etc.. It was suggested that the existing package should be accordingly reviewed and modified to suit the ground situation. The Presidents of FCIK and FIJ stated that inadequate basic infrastructure in the State like frequent interruption in power supply and other critical inputs was the biggest setback retarding stability and growth of industrial ventures.
The strong feelings of the leaders of representative organizations of Trade and Industry and their arguments for seeking extension in the package and also further coverage of more concessions and relaxations by reviewing the package were endorsed by the representatives of J&K Govt. (Industries & Commerce Department) and Reserve Bank of India.
Consequent upon threadbare deliberations the Sub-Committee unanimously decided to recommend to Reserve Bank of India that special package of concessions and relaxations to Trade & Industry in the State be reviewed to render it more comprehensive and be extended by a further period of at least three years.
Later, Vice President, J&K SLBC thanked the members for their participation and involvement.
Presided over by Mr. A. K. Mehta, Executive Director & Chief Operating Officer, J&K Bank (Convenor Bank), the meeting deliberated at length, the issue of extension or otherwise in the period of package of Concessions and Relaxations to Trade and Industry in the state. The package is due to expire on 31st March, 2010. The meeting was attended by representatives of all the members of the Sub-Committee including the J&K Bank, Reserve Bank of India, J&K Govt. Industries & Commerce Department, SBI, PNB, UCO Bank, SIDBI, President, Kashmir Chamber of Commerce & Industry, President, Jammu Chamber of Commerce & Industry, Chairman, Federation of Commerce & Industries Kashmir and Chairman, Federation of Industries, Jammu.
The representatives of Trade & Industry strongly pleaded further extension of package for at least a period of three years in view of the ‘peculiar hostile conditions persisting in the State'. They further pleaded that the entrepreneurs and traders suffering due to such conditions deserved a differential treatment.
Emphasizing on the need for further extension of the package and making it broad based considering the J&K specific conditions, traders demanded additional concessions on process charges, penal interest, cheque book charges, cheque return charges etc.. It was suggested that the existing package should be accordingly reviewed and modified to suit the ground situation. The Presidents of FCIK and FIJ stated that inadequate basic infrastructure in the State like frequent interruption in power supply and other critical inputs was the biggest setback retarding stability and growth of industrial ventures.
The strong feelings of the leaders of representative organizations of Trade and Industry and their arguments for seeking extension in the package and also further coverage of more concessions and relaxations by reviewing the package were endorsed by the representatives of J&K Govt. (Industries & Commerce Department) and Reserve Bank of India.
Consequent upon threadbare deliberations the Sub-Committee unanimously decided to recommend to Reserve Bank of India that special package of concessions and relaxations to Trade & Industry in the State be reviewed to render it more comprehensive and be extended by a further period of at least three years.
Later, Vice President, J&K SLBC thanked the members for their participation and involvement.