No more hosiery goods on credit to Kashmiri traders
Kashmiri traders who come to Ludhiana to buy winter wear every year may have to face some hard time this year. Reason - the hosiery industry has decided not to give them goods on credit after burning their fingers due to some Kashmiri traders denying payment at a later stage.punjab Updated: Jul 18, 2014 11:01 IST
Kashmiri traders who come to Ludhiana to buy winter wear every year may have to face some hard time this year. Reason - the hosiery industry has decided not to give them goods on credit after burning their fingers due to some Kashmiri traders denying payment at a later stage.
A large number of traders from Kashmir come to the city to buy winter wear for the Valley where temperature dips even to -20°Celsius during winter in some areas.
However, many traders from Kashmir, who bought goods from Ludhiana on the promise that they would pay during the next transaction, never returned, resulting in huge losses. Worse, some small shawl units had to even close down their operations.
Ludhiana is the main source of sweaters, jackets and other winter wear goods for Kashmiri traders, who conveniently reach the city through train and place orders.
Traders usually pay a part of the total amount and leave the rest to be paid later.
Vinod Thapar, chairman of the Knitwear Club, said there had been cases where traders from Kashmir bought goods on credit but were later not traced resulting in loss to the manufacturers. “Therefore, it is true that now winter wear manufacturers avoid selling goods to the Kashmiri traders on credit,” Thapar added.
“There has been distrust as local manufacturers don’t even go to Kashmir to seek their payments due to the unpredictable situation there. Many cases in which manufacturers did go there to get their dues came back empty-handed,” said a manufacturer, who do not wish to be named.
Charanjiv Singh, secretary of Knitwear Club, said there were cases in which the bill was given to the driver of the transport company so that he could get the cheque back to the manufacturer. “However, the drivers were not given the cheque and sent back empty-handed,” Singh added.
First Published: Jul 18, 2014 10:50 IST