Srinagar, 12 September (HS): The Sher-e-Khass Traders and Federation Committee on Tuesday demanded the creation of a one-time settlement (OTS) window, providing a two-year grace period for debt repayment without burdensome conditions for traders.
A spokesperson for the federation, speaking after a crucial meeting held at a marriage hall near Jamia Masjid Srinagar, highlighted the comprehensive discussions that took place involving various stakeholders from different areas and districts within the Shahre Khass Traders and Manufacturers Coordination Committee and Federations.
“Every concern was meticulously noted down, and it has come to our attention once again that the primary and most pressing issue currently facing our traders is the banking sector.”
Expressing the committee’s unwavering commitment to resolving these banking issues, the spokesperson said, “We are fully dedicated to engaging with relevant bank officials and the administration to ensure timely resolutions.”
They have already submitted a formal request for the implementation of an OTS (one-time settlement) scheme designed to facilitate genuine traders in settling their debts with the banks. He voiced bewilderment over the banks’ delay in introducing the OTS scheme and their adoption of punitive measures against traders, despite their willingness to repay every penny owed.
He emphasised that banks are prematurely seizing properties without allowing traders reasonable time to liquidate their assets. “We consistently emphasise one key point: the immediate establishment of an OTS window and a two-year repayment period without any restrictive conditions,” he said.
Hindusthan Samachar/Krishan/Manoj
