Federation Chamber of Industries Kashmir Sunday called for introduction of a special indemnity product—Business Interruption Insurance— in Kashmir to cover the losses the local enterprises suffer during untoward situations in Kashmir. The demand has come at the time when the local business community and industrialists are witnessing worst slump due to closure of commercial activities for about five months in the ongoing unrest in Kashmir. President, Federation Chamber of Industries Kashmir, FCIK, Er Mukhtar Yusuf, said the insurance product, once introduced, would relieve the industrialists from the anxiety and they…
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Business
Islamic banking hits deadlock
No relevance, GoI has introduced Jan Dhan: Union Fin Min Virtually ruling out introduction of Islamic banking, the Finance Ministry today said it has “no relevance” as the Government of India has already introduced a host of financial inclusion schemes like Jan Dhan. The objectives of the financial inclusion for which Islamic banking was explored by RBI has no relevance, as government has already introduced other means of financial inclusion like Jan Dhan Yojana and Suraksha Bima Yojna for all citizens, Minister of State for Finance Santosh Kumar Gangwar said…
Read MoreKashmir in the time of demonetisation; ATMs with Cash, 4-5 people in queues
Consider visiting Kashmir if you are desperate for cash. The ATMs here have currency and the queues at most places are no more than 4-5 people long. Swept by violent protests since the death of Hizbul Mujahideen commander Burhan Wani in July, the Valley at the moment is an unlikely oasis of calm at a time when the rest of India is in the midst of a cash crunch following last month’s demonetisation decision. “There was a rush on the first two days, but everything is normal now. The queues…
Read MorePeace important for tourism revival: Kashmir Economic Forum
Kashmir Economic Forum (KEF) Thursday said peace was important for the revival and promotion of tourism industry in the state especially in the Kashmir Valley. In a statement, KEF said the state government has to play a vital role in sustaining normalcy and peace in Kashmir. “It (the state government) must impress upon the central government to start meaningful talks on regular basis on Kashmir with stakeholders.” The KEF said though Hurriyat statement (in which it had invited tourists to Kashmir) is a welcome step, “only the sustained dialogue process…
Read MoreCenter hails Hurriyat’s call to Tourists, Yatris
My big salute goes to all those who support tourism: Union Minister The Modi government Wednesday hailed the Hurriyat call for tourists and yatris to visit the Valley. Minister of State for Tourism Mahesh Sharma welcomed the initiative. “My big salute goes to all those who support tourism, and yes, we are for it. The vision of our great Prime Minister (Narendra Modi) is to see that the Valley comes back again. We are all prepared to see and ensure that the tourism industry in the Valley flourishes and for…
Read MoreTourism fraternity welcomes Hurriyat’s Statement
Travel trade and hospitality sector has welcomed the statement of the Hurriyat leadership inviting tourists and Yatris from the world to visit Kashmir. The joint separatist leadership on Tuesday invited the tourists and Yatris from the world to visit Kashmir and “enjoy our hospitality and the beauty of paradise on earth.” “From centuries Kashmiris have been safeguarding and providing exemplary hospitality and safety to tourists and Yatris from world including India as we have been taught hospitality, humanity and safeguarding the rights of guests by our great religion,” said a…
Read MorePost Unrest, note ban deals a blow to Tourism Sector
On a revival mode after the five-month unrest in the Kashmir valley, the state’s tourism sector has again suffered a serious blow due to demonetisation with the number of visiting tourists and honeymoon couples witnessing a sharp decline in the state since November 8. The number of Vaishno Devi pilgrims, too, has come down significantly after the ban on Rs 500 and Rs 1,000 old currency notes. To check the declining footfall and encourage tourists, the state Tourism Department and J&K Tourism Development Corporation (JKTDC) have offered significant discounts for…
Read MoreDistressed environment: Kashmir startups facing money crunch
State government’s hindrance to declare Kashmir as ‘riot affected/ disturbed area’ as per RBI’s Reserve Bank of India guidelines to qualify stressed loan accounts for rescheduling has resulted in start-ups, entrepreneurs, businessmen and transporters to face the brunt of financial crunch. Thousands of unrest hit start-ups in Kashmir are in an immediate need of capital for resumption of business activities following five-month long shutdown in Kashmir that halted the commercial activities. While at the same time businessmen and transporters are finding difficult to repay EMIs due to prevailing situation which…
Read MoreUnrest forces many traders to go for change in business
Business activities have again picked up in the Kashmir valley, but the past few months of unrest has forced several traders to change their businesses. The change has been forced by the prolonged unrest that started with the killing of Hizbul Mujahideen commander Burhan Wani on July 8 sparking widespread protests amid shutdown calls of the Hurriyat. Though the unrest has waned considerably, several Valley traders have changed their businesses accordingly as most of the marketplaces especially in and around city centre Lal Chowk and the old city open only…
Read MoreLow visibility again hits air traffic, Airline(Pvt) served legal notice for Poor service, Callous attitude
The aerial connectivity of the Kashmir valley with other parts of the country was again disrupted today due to low visibility caused by bad weather. It forced the cancellation of more than two dozen flights at the region’s only civilian airport. Sharad Kumar, Director, Srinagar International Airport, said 26 flights scheduled to arrive and depart from here were cancelled due to low visibility. The official said the visibility had dropped to 800 m in the early afternoon, which was 500 m short of the 1.3 km required for safe landing…
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