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Closed units and interest on interest is unbearable: Association of Timber Industry

by VOK Web Desk
May 8, 2020
in Jammu
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Jammu, May 08:Since the most of industries falling in industrial estates are functioning as per the government order to ease down the lockdown restrictions but since none of the timber industry is located inside industrial estates so it was requested by the Vice President Association of Timber Industry Puneet singh Jamwal to JK Lt Governor G C Murmu to give permissions to timber industry /traders to resume.

Puneet Singh  Jamwal said that the most of the labour involved in timber trade belongs to outer states and they are stranded due to lockdown and day by day its getting difficult to hold them if once they will gone to their  mother states they will not be returning back  for less than 8  to 9 months and without labour our trade will be rendered .

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He further said that timber needs special precautions during summer seasons and imported timber cannot be stored for too long during summers in Jammu as it will bend, shrink and develop cracks and most of the timber traders are holding materials worth crores.

He further said that every timber trader have raised   business loans/limits  worth lakhs and  interest on loans/current limits is sucking not only their savings but also  creating additional liabilities on them .As per the guidelines banks  have differed their  EMI’s but they will be  charging interest and rather interest on interest also  . Moreover none of the timber trader has abridged labours or official staffs and they are getting their salary as usual, without any work.

Puneet singh Jamwal said most of timber traders will not bear this and their business will be ruined in the time to come.

Vice President Association of Timber Industry Puneet singh Jamwal requested JK Lt Governor G C Murmu to give permissions to timber traders /industry to operate and also give special guidelines for weaving off of interest during lockdown period.

Puneet singh Jamwal said we will strictly observe the protocols like sanitation and social distancing for labourer etc

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VOK Web Desk

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