India unlikely to place restrictions on trade across LOC
Vanita Peter D’souza | The Dollar Business India is unlikely to place any restrictions on trade along the India-Pakistan’s Line of Control (LoC) as no incidence of adulteration has been reported in the recent years. Nirmala Sitharaman, Commerce & Industry Minister, Government of India, informed the Parliament yesterday, “No in incidence of adulteration which adversely affected trade has come to the notice of Government.” The LoC trade in India is usually the trade between India’s Jammu & Kashmir and Pakistan Occupied Kashmir (POK) which is not counted as trade with Pakistan. As a part of the Government of India’s Confidence Building Measures (CBMs), a list of essential items are allowed for trade at zero duty. India also has Trade Facilitation Centres (TFCs) at Chakan-Da-Bagh and Salamabad to aid trade through LoC. According to India’s Commerce Ministry, total trade generated along the India-Pakistan’s Line of Control (LoC) through TFCs stood at around Rs.813 crore in FY2013-14, down around 18% from about Rs.990 crore in the previous year. In FY2013-14, India’s imports accounted for around Rs.465.47 crore or around 57% of total trade, and down about 24% from the previous year. India’s total trade along the Nathu La pass (Indo-China border) stood at around Rs.8.91 crore in FY2013-14, said the Commerce Minister.
This article was published on November 29, 2014.