Srinagar, Dec 31 (KNS): Stating that banks in the state cannot sell any immovable mortgaged property to non-state subjects, the state Finance Minister, Haseeb A Drabu Saturday said that that the long-term impact of demonetization is going to be far more important than what is seen at present.
He said that the demonetization announced by the Prime Minister Narendra Modi led government in the centre has caused short-term sufferings to the people.
“I believe the long-term impact of demonetization is going to be far more important than what it is seen at present,” Drabu told reporters on the sidelines of the unveiling ceremony of J&K Bank calendar 2017 here at corporate headquarters.
He said that the decision of announcing demonetization will have better results.
He said, “I think the demonetization is going to set us on the path of much superior digital payment system and (comes) also as a shock to the system which should eventually yield better results. So, I am not negative on it but yes there have been short-term pains,” Drabu said.
Senior People’s Democratic Party (PDP) leader said that the banks cannot sell any immovable mortgaged property in the state of Jammu and Kashmir to non-state subjects.
“Banks cannot sell the immovable mortgaged property to any non-state subjects while taking recourse to the property,” he said, adding that in the last budget session, he had already made a provision for an asset recovery company with the JK Bank which can buy these impaired assets.Click Here To Follow Our WhatsApp Channel
Drabu believes that the opposition is completely clueless in what they are saying and bears no relation to what the Act has and it is not today. “This has been going on since 2003,” he claimed.
“I believe that we have got clarity on it that the Transfer of Property Act of JK will actually prevail over this (SARFAESI) and you cannot sell any immovable mortgaged property to a non-state subject,” he said, adding that the same can certainly be a huge business opportunity for JK bank.
Meanwhile, unveiling the JK banks calendar for the year 2017, which focuses on the achievement of youth from JK, Drabu said, “It is great in terms of its timeliness as the counter-narrative that exists today in the world is that we have a world champion (eight-year old kick boxing champion Tajamul Islam) coming out of Kashmir.”
“Youth is the biggest challenge, which Jammu and Kashmir as a state is faces. The first image that will come to your mind today is of a youth pelting stones, anarchy, and social disorder. I think that it is not a political problem but a social issue," Drabu said. (KNS)