Defying the nationwide trend, people in the Kashmir valley are queuing outside ATMs and banks. Rs 500 and Rs 1,000 notes are still widely used, and are likely to remain in circulation until the deadline of 30 December. India was thrown into chaos on 8 November after Prime Minister Narendra Modi announced the demonetisation of Rs 500 and Rs 1,000 currency notes. The cash crunch made it difficult for people to buy even essential items such as milk, vegetables, fruits and grocery. Surprisingly, however, life went on as usual in…
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Business
Low visibility hits air traffic in Valley for fifth day
The air traffic to and from the Kashmir valley remained disrupted for the fifth consecutive day today as low visibility forced the cancellation of 40 flights scheduled to arrive and depart from the region’s only airport here. The visibility at the airport today was around 600 m, which was 700 m less than the 1.3 km visibility required for safe landings of passenger planes, said Sharad Kumar, Director of the Srinagar International Airport. He said the visibility on Monday was “worse” than the previous days. The airport official said 20…
Read MoreKashmir unaffected by demonetisation: No queues at Banks, ATMs
As there is chaos and turmoil in other parts of country due to demonetisation of Rs 500 and 1000 currency notes, people in Kashmir have remained mostly unaffected and no long queues are being witnessed at banks or at ATMs. People in Kashmir are exchanging the old notes at bank branches with ease and without having to face any inconvenience. Besides, there are also no long queues at ATMs to withdraw money. “I had to wait for 5-10 minutes in a queue in a branch of J&K Bank at Lal…
Read MoreDemonetization deflates claims of black money, hawala in Kashmir
Demonetisation of high value currency notes has proved wrong the claims made by some sections that Kashmir was a haven for black money and hawala transactions. For, if any place in India has remained calm in the wake of scrapping of Rs 500 and 1000 notes by Government of India, it is Kashmir. While in rest of India at least 17 deaths have been reported in last 8 days in connection with demonetisation, everything is going on smoothly in Kashmir. These persons died either while waiting in long queues outside…
Read MoreAlert ! Fake cement sold across Kashmir Valley
Closure of Kashmir-based manufacturing units over months has provided an opportunity to unscrupulous elements to pump “fake and substandard” cement in the Valley putting question mark over the role of enforcement agencies here. Sources informed Kashmir Post that unscrupulous elements from other region of state are manufacturing “fake and substandard cement” and then importing it to Kashmir by packaging and presenting cement as products of national companies. “There is lot of complaints in the market about the quality of cement which is being sold these days,” said a senior Consumer…
Read MoreNo stressed loans to be waived off, EMI rescheduling being looked into: JKB Chairman
With bank loans amounting to around Rs 5,000 crore turning ‘stressed loans’ due to ongoing unrest and stopping of economic activities, financial experts and stakeholders here have stressed upon the JK government to take up the matter with the central government in order to safeguard interests of both banks and borrowers. As per bank officials, there are around 2 lakh account holders who have failed to pay equated monthly installments (EMIs) for over three months, putting them under stressed assets category. Sources informed Kashmir Post, that the banks in J&K…
Read MoreIT-based govt outsourced projects in limbo due to Kashmir Unrest
Ambitious government IT projects such as digitization of the state departments and Aadhar enrollment outsourced to local Information Technology (IT) companies are in a limbo as operations of these firms have been adversely hit by the continuous unrest in Kashmir, IT experts and the firm owners say. While Aadhar based work is commissioned to IT companies by the centre, digitization work is largely handed over to these companies by the state government. Several IT players say these projects were being handled by them till July 8 when Hizb commander Burhan…
Read MoreShops open across valley as ‘Relaxation’ period starts
As the separatist leaders discussed “future course of action” in the ongoing unrest, Kashmir continued to remain shut amid restrictions with a semblance of normalcy by increased pedestrian and traffic movement on the roads on day 123 today. A semblance of normalcy had been witnessed here and in major towns of the Valley since morning today as an increased movement of pedestrians and traffic was seen on the roads. It was followed by the opening of shops in the main market places beginning with the “relaxation period” of 15 hours…
Read MoreTo eke a living amid unrest, youth opt for vendor vocation
Amid relentless shutdown for the past consecutive 121 days, youngsters in Kashmir are opting for vendor as vocation to survive and sustain their families. And for shoppers amidst shutdown and restrictions, vendors are the main source to shop for eatables and other essentials. ‘You name it and they have it’ is the notion on the streets of Srinagar and elsewhere where vendors have occupied every nook and corner of the roads. “Vendors are selling vegetables, fruits, mobiles, SIM cards, households, kitchen wear items, warm clothes, kids wear, soaps, dry and…
Read MoreKashmir Economic Forum demands 1 yr moratorium on loan repayments
In view of ongoing crisis, the Kashmir Economic Forum (KEF) has demanded one year moratorium on repayment of loans by the affected borrowers. The forum has urged the state government to approach the Reserve Bank of India in this regard. The forum said the banks in the state were deducting the EMI along with interest from the accounts of Valley-based borrowers, especially the businessmen who have been badly affected by the ongoing crisis. Chairman KEF Showkat Chowdhary said the deduction of EMI was depleting the “borrowers’ deposits in the banks.”…
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