Traders incur around Rs 50 Cr loss as LoC trade remains shut in Poonch

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Srinagar, Businessmen engaged in Cross-LoC Trade in Jammu and Kashmir’s Poonch district have suffered a loss of around Rs 50 crore since its suspension, officials said on Tuesday.

The suspension of the trade between India and Pakistan through the district today entered its eighth consecutive week, they said.

“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 a news gathering agency.

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

He said goods worth Rs 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 cross border firing and shelling that damaged trade facilitation centres and police barracks. (Agencies)

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