President, KCC&I Mr. Javid Ahmad Tenga responded to the statements of the Hon’ble Chief Minister and the Hon’ble Finance Minister with regard to the demands of the Kashmir Chamber of Commerce and Industry taken up in the interaction with the Hon’ble Chief Minister on the 6th of November, 2017. The President, KCC&I stated that the proposed waiving off the debts of Artisan Credit Card Holders would help in alleviating the load off the back of the incapacitated artisans who have been fighting for this waiver since the devastating floods of 2014. The statements of the Hon’ble Chief Minister regarding the venomous coverage being given to the State of Jammu and Kashmir by selected media channels and it’s impact on the tourism was also appreciable. While thanking the State Government for appreciating the role of the business community, Mr. Tenga stated that many positive statements have emanated from the Business Enclave.
Regarding the views of Mr. Haseeb Drabu, the President said that the Kashmir Chamber of Commerce and Industry had put forth similar viewpoints on the status of rescheduled loans and about the futility of further extensions of the moratorium period without providing actual and substantial relief by the measures which are reproduced for your kind attention:
1. Adjustment of interest on restructured loans funded by banks (FITL) for the period from the date of original restructuring to June, 2018 through waiver of the entire interest.
2. Extension and restructuring in repayment of principal amount of loan by a marginal time period till June, 2018.
3. For those borrowers who have not opted for any rehabilitation schemes post flood, concessions by way of reduction of 5 percent in rate of interest for the period commencing from 2014 till date.
4. Banks to make a clear distinction between chronic and wilful defaulters and borrowers whose repayment capacity has been adversely impacted by the circumstances. Whereas, our Chambers have a zero tolerance policy for chronic and wilful defaulters but we would go on to put all our weight behind circumstantial defaulters. They deserve this and maybe more. We expect banks to desist from using any coercive measure, for recovery of the outstanding amount which will be opposed tooth and nail by our Chambers.
5. We would also propose a special preferential scheme for new and young entrepreneurs who wish to make a fresh start in commercial activities.
6. With regard to the enforcement of the SARFAESI Act, our respective Chambers are of the considered opinion that keeping in view the current conditions, any action taken under this Act would be an contradiction to the relief and rehabilitation measures being proposed and detrimental to the larger economic interests of the State.
Mr. Javid Ahmad Tenga observed that the Hon’ble Chief Minister would appreciate that the opportune time to choose sides is not when, as unanimously admitted in the Business Conclave, the business community of Kashmir is under extreme distress and duress with their backs against the wall. There are serious, grave and multi-dimensional issues involved which need delicate handling. The burning of schools and the pelting of stones on tourists are cases in point which need unbiased investigation. Humility and kindness have been hallmarks of our society since centuries and we are known throughout the world for our hospitality and warmth, even though this hospitality has been often taken undue advantage of. There are valid and justifiable reasons for any relief, waiver or help given by the State and the Kashmir Chamber strongly believes that it should not be seen as any favour or charity for the business community. On the contrary, the instability of the region has cost the State of Jammu and Kashmir high economic costs which the business community of Kashmir have borne the brunt of. The demand for the quantification and compensation of losses due to the exploitation of our resources especially due to the Indus Water Treaty has also been a demand made by the successive State Governments as a matter of right.