Razdan Inaugurates Business Unit of EDB

Chairman, Ellaquai Dehati Bank (EDB), AK Razdan today inaugurated Bank's business centre at Tarigam Devsar in district Kulgam.

With this, the number of business units of EDB has gone up to 124.

While addressing on the occasion, Razdan said the Bank is playing an important role in the economic development of rural J&K, adding that the bank is going ahead with its policy of reaching out to the under privileged and down trodden who don't have the institutional financial services available and are being exploited by the money lenders.

He further said the opening of business unit at Tarigam is step towards the coverage of unbanked villages. This business unit is opened to provide solutions for all financial needs/services of the people in the area under one roof and at the doorsteps of the customers as envisaged by Government of India, Reserve Bank of India, NABARD and the State Government.

Earlier General Manager, SA Qureshi, in his address said the Bank has been discharging its duties and commitments in rural as well as urban areas of the State operating in thirteen districts. The bank has been playing an important role in the credit system of the State with focus on the agriculture, horticulture, dairy, trade, transport, tourism and other allied sectors.

Jammu Srinagar highway opens partially

Hunt for new JU Vice Chancellor 

Army Chief takes age row to SC

Jammu observes total shutdown on Fdi

Demanding rollback of central government’s decision of allowing Foreign Direct Investment (FDI) in retail sector, traders and shopkeepers of entire Jammu city today observed near total shutdown on the call given by the Chamber of Commerce and Industry (CCI) Jammu and supported by political and business organisations.

All the business establishments including shops and malls remained closed throughout the day as the traders’ fraternity protested against FDI in retail sector. They observed complete shut down in support of ‘Bharat Bandh’ call given by Confederation of All India Traders and Bharat Udyog Vyapar Mandal.

Protest demonstrations were also organized by various political organizations while Confederation of Indian Trade Unions (CITU) held a protest rally in the city. Huge deployment of police was made outside the newly opened ‘Best Price Shop’ (a Bharti-Walmart joint venture) to avoid any untoward incident.

All the main markets Kanak Mandi, Ware House, Hari Market, Pacca Danga, Raghunath Bazar, Gumat, Jain Bazar, Talab Tillo, Bakshi Nagar, Channi, New Plots, Gandhi Nagar, Trikuta Nagar while many other small markets in the entire city remained closed throughout the day.

Refuting the claims of central government of providing 40 lakh employment in the next three years Senior Vice president of CCI, Tara Chand Gupta asked, what about the four Crore people engaged in the retail chain of the country, who would be rendered jobless after the establishment of outlets of multinational companies?“Thousands of graduate and post-graduate degree holder youths have opened retail shops due to less job opportunities. After the opening of MNCs’ retail outlets, the unemployment problem would multiply and the government would have no alternative.

The entire Indian economy would collapse in the coming years if the central government did not roll back the decision of allowing 100 percent FDI in single brand retail and 51 percent equity in multi-brand retail sector,” he averred.

He said the track record of these MNCs showed that whenever and wherever FDI was allowed, it resulted in closure of local business houses by flooding the market with cheap foreign products. “We would continue our struggle and finalize further strategy after the meeting of all chamber members,” he added.

A protest rally was organized by Confederation of Indian Trade Unions (CITU) which commenced from Bikram Chowk. Carrying placards in their hands and amid raising of slogans hundreds of protesters, demanding rollback of FDI decision, marched towards City Chowk.

CITU state general secretary and MLA Mohammad Yousuf Tarigami while addressing the protesters at City Chowk, termed the decision of Union government as anti-people which would render 4.4 Crore retailers of the country jobless. “FDI would snatch the livelihood of small retailers in the entire country including J&K where thousands of shopkeepers and retailers have opened shops as a means of livelihood due to lack of job opportunities,” he said.

Tarigami said that the decision of the centre would ruin the lives of millions of retailers and people engaged in the retail chain as well as the farmers due to the monopoly of MNCs on retail trade and lack of regulatory mechanism. Secretary Om Prakash, CPI (M) regional secretary Sham Prasad Kesar and Romesh Chand also addressed the rally.

Activists of Hindustan Shiv Sena (HSS) organized a protest demonstration at Hari Market. “The bandh is an eye-opener for those who are still sleeping over the issue. The protests will be intensified in the coming days if no final decision was taken by the government,” HSS national president Dimpy Kohli said.

Bhartiya Janta Yuva Morcha activists protested in front of the ‘Best Price Shop’ near Toph-bridge. Huge deployment of police force foiled their attempt to enter the premises of BPS. Amid chanting of slogans the protesters continued sloganeering for few minutes and left the venue. Bhartiya Janata Party activists also held a protest demonstration at Raghunath Market this morning against the decision of FDI in retail.

Complete shutdown was observed in Udhampur city while Kathua observed partial shutdown. In the other districts of Jammu region there was no impact of shutdown call given by Chamber of Commerce and Industry.

In Udhampur town complete shutdown was observed over the call given by Udhampur Vayapar Mandal. All the business establishments remained closed throughout the day. The protesters assembled at Indira Chowk this morning and held protest demonstration against the decision of the centre under the chairmanship of Vayapar Mandal Pradhan. The shutdown call was also supported by Bhartiya Janta Party and Jammu and Kashmir National Panthers Party.

In Kathua, there was mixed response to the shutdown call. Few shops were closed in Kathua city while Bhartiya Janta Yuva Morcha activists held a protest demonstration against the government.As per the reports pouring from other district and tehsil headquarters there was no response to the shutdown call in Samba, R S Pura, Poonch, Rajouri, Doda and Bhaderwah areas.

Traders meet in Poonch

For the first time after suspension of trade for four months, traders of both sides of divided Jammu and Kashmir today settled their accounts and urged governments of the two countries to increase the trading days as well as the number of goods, during the traders meet organised by the authorities here at Rahe Milan, Chakkan-Da-Bagh.

The traders from Pakistan administered Kashmir, however, initially decided to suspend the meet as the three most prominent defaulting traders were not present there but later with mutual understanding the meeting was carried out peacefully. PAK traders have submitted a list of 31 defaulter traders to Indian authorities while Indian traders submitted a list of 17 defaulter traders to PAK authorities and it was unanimously decided to bring all of them in this traders meet so that their accounts were settled and they get their due payment from the defaulter traders.

105 traders of J&K and PAK today converged on Chakkan-Da-Bagh and debated various issues connected with growth and strengthening of LoC trade in the backdrop of Indo-Pak foreign ministerial level talks.

The traders on the two sides also exchanged the list of the defaulting traders who had failed to clear their dues, they said.

Indian traders demanded enhancement in the number of trucks, giving list of disputed parties, trader to trader trade and five days permits for the traders to survey the markets of other country. Traders also demanded Indo-PAK governments intervention in boosting cross LoC trade as according to them there is no profitable item being imported or exported.

Traders Pawan Anand, Krishan Singh, Amin Magrey, Rajinder Vaid welcomed the decision of both the governments for enhancing the number of days from two to four. They, however, regretted that their was no benefit for enhancing number of days as there was a list of 21 items for cross LoC trade which was decided to be enhanced but instead of enhancing these, authorities have banned some profitable items on the excuse of their packing. They urged upon both the governments to solve the problems of traders of both sides as they are running this trade just to improve relations with each other and not to earn profits. They also demanded traders list of PAK traders from PAK as the authorities did not provide the same to them.

The traders of both the sides expressed their satisfaction over the outcome of the talks and urged governments of India and Pakistan to increase the number of trading days and also increase the number of the trade items of the LoC trade.

The meeting was organised under the supervision of Abdul Hamid Custodian Cross LoC Trade and Kuldeep Raj TFO Poonch while  Mirza Arshad Jaral ADC Tetrinote  supervised traders meet from PAK side in the traders meet.

A total of 105 traders including 49 from Indian side and 56 traders from PAK side participated in the traders meet.

Official reports said that more than three traders settled their accounts which were pending from last more than one year.

Pak trader Choudary Mufti Basarat, Mohammad Hafiz, Mohammad Akbar, Zardar Abbassi, Mohammad Raza told KTNS  there was need of trader to trader trade so that the middle man are shunt out from this Cross LoC trade. They alleged that some Indian traders have blocked their payments and they requested Indian authorities to provide their money to them so that they will further carry on this trade.

“We have brought a ten point formula for smooth functioning of this trade which must be supported by Indian counterparts,” they said, extending support to their Indian counterparts on the issue of providing traders permits by the authorities of both sides.

After the meeting Abdul Hamid Custodian Cross LoC Trade told KTNS that today he have got a list of 8 defaulter traders from PAK and he will ask them to attend the next traders meet. To a question of three main defaulters, he said that legal action will be taken against them.

The meeting started at 12.55 PM and culminated at 4.45 PM.

Omar to Investors

Omar woos investors; asks CII to shun mindset

Calling for a substantial change in the mindset of investors regarding Jammu and Kashmir, Chief Minister, Omar Abdullah on Saturday said that there are places more uncertain than Jammu and Kashmir where investors do invest but are reluctant to come here.

Addressing a joint meeting of the Confederation of Indian Industry (CII) and top ranking officers of the State Government here, he asked CII to take concrete steps in this regard and break the ice on ground.

“I am keen to see CII members starting ventures in the State and playing their important role in generating wide-ranging economic activities for the youth. For last two and half years we have had so much meetings and deliberations with regard to absorption of J and K youth in private job market by enhancing their skills and employability. Now is the time that ground breaking takes place in this regard”, he said and stressed on CII to be instrumental to help PPP mode projects in the State.

“We are ready to provide you package of incentives and satisfy your queries and apprehensions regarding investments in the State, especially in the Kashmir division”, he told CII adding that there are more uncertain places in the country than Kashmir where investors are investing. He asked CII to help change the mindset of investors regarding venturing upon in the State.

Omar welcomed the survey, analysis and reports prepared by CII and its associate companies for enhancing employability of youth and giving fillip to the skills development. “Your efforts are a welcome step and the suggestions you have made would be given due weightage by the government. We are keenly eager to make necessary dent in this sector to address large scale unemployment problem in the State”, he said adding that something concrete needs to be done by CII by participating with the State Government and local players to do the practical job on ground.

“I would like you to regularly organise talent hunt camps in the Universities and select the boys and girls for trainings and courses suit to your companies”, he said underlining the urgency for providing opportunity to educated youth to prove their talent. “At the end of the day my aim is to ensure maximum jobs to youth in the private sector as government is not in a position to absorb everyone”, he said adding that in this stupendous task the private investors have to be positively involved.

The Chief Minister asked CII to send their special teams to the State for placements in the universities, the government would provide you every facility to reach out them in every areas of the State.

“Our youth are more talented, capable and delivering which you have yourselves observed during the interaction sessions with boys and girls of Jammu and Kashmir in various higher educational institutions”, he told them calling for a comprehensive and result-oriented strategy by the CII and other such organisations to give exposure to these young persons.

Chairman CII Northern Region, Vijay Thadani, Chief Executive Officer, NIIT, Raju Choudhary, CII Head Jammu and Kashmir State, explained the salient features of the two reports prepared by CII regarding the skills development in Jammu and Kashmir State and enhancement of employability of educated youth.

A report regarding the potential for investment in the cold chain sector was also presented to the Chief Minister. The local investors who are the members of CII also presented their view point on the subject and shared their experiences in the field.

The meeting was attended by Minister for Industries, S.S Salathia, Minister of State for Cooperatives, Manohar Lal, Chief Secretary, Madhav Lal, Principal Secretary to the Chief Minister, B.B Vyas, Commissioner Secretary Industries, Umang Narula, Commissioner Secretary Tourism, Atul Dullo, Commissioner Secretary, Youth Services and Sports, B.A Runiyal and other senior officers.

International team arrives to inspect Kishanganga

A 10 member team of International court of Arbitration, accompanied by Indo Pakistan delegation, arrived here today on a four-day tour to inspect the under-construction Kishanganga Hydropower and storage project near the Line of Control (LoC) in Gurez sector.

The international team alongwith 10 member delegation of India and nine-member team of Pakistan headed by their respective Indus Water Commissioners is scheduled to inspect the 330-MW project in Bandipora district tomorrow, official sources told here.

They said the high-level delegation arrived through the ‘Aman Sethu’ (peace bridge) in Uri sector along the Srinagar-Muzaffarabad road which was thrown open for weekly bus service to enable divided families to meet each other in April, 2005 as part of confidence building measure in the wake of composite dialogue between India and Pakistan.

Kishanganga hydropower project is being build on Kishanganga river, a tributary of river Jhelum which flows into Pakistan, and was objected by Islamabad claiming that the project violates Indus water Treaty reached between the two countries.

India has maintained that the project was being built in accordance with the 1960 Treaty which allows New Delhi to undertake construction of power projects on the three major rivers flowing into Pakistan from Kashmir.

The work on the power project started in 1994 but could not be completed till date due to the objections raised by Pakistan. All attempts to reach out a bilaterial settlement failed.

New Delhi is determined to complete the project in February, 2014. 

Silver futures surge by Rs 166 on global cues

Supported by a firming trend overseas, silver prices surged by Rs 166 to Rs 53,224 per kg in futures trading today as speculators enlarged their positions.

On the Multi Commodity Exchange, silver for delivery in July surged by Rs 166, or 0.31 per cent, to Rs 53,224 per kg, with a business turnover of 2,937 lots.

Similarly, the metal for delivery in September also edged higher by Rs 127, or 0.24 per cent, to Rs 54,065 per kg, with a trading volume of 129 lots.

Market analysts said fresh positions created by speculators on the back of a firming trend overseas and a pick-up in spot demand mainly supported the increase in silver futures prices.

Meanwhile, silver futures rose by 1.19 per cent to USD 35.81 an ounce in New York.