Srinagar: The Kashmir Chamber of Commerce and Industry (KCCI) has raised serious concerns over the non-release of pending payments to contractors, warning that the delay is creating a severe financial crisis for local businesses, particularly with the Eid festival approaching.
KCCI has received multiple representations from contractors who have completed developmental projects for the Jammu and Kashmir government but have yet to receive their dues.
The prolonged delay has left many in financial distress, especially those who have committed to Jammu and Kashmir Bank’s One-Time Settlement (OTS) scheme to clear their liabilities.
Contractors who had taken bank loans to finance government projects now find themselves in a precarious situation, facing the risk of property auctions if they fail to clear their outstanding amounts by March 31, when the JK Bank’s special OTS scheme ends.
KCCI has described the crisis as more than just a financial issue, highlighting its humanitarian impact on affected businesses and families.
The business body has already engaged with senior officials from the Roads and Buildings Department, urging them to address the issue and stressing that the continued delay could have serious repercussions for the contracting community.
KCCI has called on the JK government to take immediate steps to release pending contractor bills before the March 31 deadline. It emphasised that timely payments are essential not only for individual contractors but for the overall economic stability of the region.
The chamber has also urged the government to provide clear timelines for bill settlements, reaffirming its commitment to protecting the interests of local businesses and ensuring fair treatment for contractors who have fulfilled their obligations.
