Excelsior Correspondent
Srinagar, Jan 30: Kashmir Traders and Manufacturers Federation (KTMF) today urged financial institutions to adjust their policies in such a way that enables traders to repay their outstanding debts.
Addressing a press conference here, KTMF President Muhammad Yasin Khan said that, along with the rest of the country, businesses in J&K are also suffering which calls for policy changes by the financial institutions.
“What we see today has its roots way back in 2014; we have been discussing a way out of this situation during meetings. The question remains that we have taken money from financial institutions; they will get it back, but they have to tweak their policies,” he said.
Khan highlighted that these banks have reached the highest point because traders have been conducting business with them, “taking money and repaying the same, that’s how these institutions grow. But today, when the conditions are not favorable to us, they need to take note of it.”
Khan also addressed the effects of ongoing developmental works, especially road expansions, stating that numerous business establishments are facing the brunt and demanding rehabilitation.
“Whether it’s the Narbal-Uri or the Pandach-Sonamarg road expansion, several shops are affected, and they need to be relocated. We welcome the ongoing developmental works, but there is a need to consider this issue. We have raised the matter with the Chief Secretary, seeking their rehabilitation.”
He emphasized that business establishments should not be subjected to unnecessary hardships in the name of tax collection.
“We are doing everything possible to pay taxes, and whatever steps the authorities are taking in this regard need to be done after due consultations with us. Those who are deliberately not paying taxes must face action.”
The KTMF leadership also requested an extension of the recently announced amnesty by the government for outstanding tax dues. “The amount is huge and we are doing everything to pay that; however, we urge the LG Manoj Sinha to provide an extension so that more traders are able to avail the opportunity.”
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