‘LoC barter is promoting money laundering’

LDM allege drug trafficking,  seeks local currency law for J&K

Srinagar:  Terming the present status of LoC trade as a big joke, former bureaucrat turned politician and patron Liberal Democratic Movement, Farooq Renzushah Thursday said that no provisions of Indian constitution justifies the barter system in this modern era.

Renzur Shah said that LoC trade trough barter system is not only embarrassment  and shame  to  all kinds of economic advances of present era but this is absolutely unconstitutional system amounting to money laundering and tax evasion process helping drug trading, Bananas and Surat based garment trading  Maharashtrian banana trading American almond trading and Karachi based spice and basmati trading rather than helping Kashmiri traders  or manufacturers.

He said that in present era barter system amounts to money laundering activity for which constitutional and financial structure have no provisions to justify. “Even drugs are being exchanged through this barter method. The medico companies of India are pumping medicines with particular brands which are later on sold on 500% profit in different markets. The Almonds, Giries, Spices from California and Qandahar are being smuggled in the name of PoK production and from LOC directly being taken to Indian trade markets after avoiding import duties on such items.  Similarly Banana which are never being grown in Kashmir are being traded on multi crore basis by Bombay based traders on daily basis. All such activities have deprived Kashmir to take benefit of this trade.”

He said that the doctrine of Liberal democracy can facilitate law makers to enact local currency laws to make every citizen of J&K as beneficiary of this trade and cover permission of LOC trade on all items irrespective of limiting it to few specific obsolete items. “Liberal democracy can help both countries to conduct free trade as they do it through UAE countries amounting to billion dollars of trade. It will not only push economy of J&K up but Borders of war can turn to silken routes of well woven economy.” (CNS)

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