China Open to Compensate Old Traders for losses suffered in 1962 Nat hula Closure
Gangtok: If the delegation from the Chinese embassy which was in Sikkim a couple of days ago keeps its promise,the old SILK ROUTE trading community here in Gangtok could benefit by unexpected gains by way of settlements for stocks lost in 1962 when trading over Nathula shut down within 48 hours and many traders have to leave Tibet in a rush abandoning their stocks in warehouses at Yatung. The amount being thrown is in the vicinity of Rs.20 crores.
The 4 members Chinese delegation were here to study Nathula Border Trade and assess the various issues related to it.During their interaction with the traders, they have reported to have assured to look into the claims when old traders brought up the still unresolved issue of stocks they have lost due to sudden closure of trade route in 1962 which was so quick that they failed to even withdraw deposits from the Bank of China through which most transactions were made at that time.
the nathula of the past was the busiest hub in the Si no-Indian trade.Many Indians businessmen has established warehouses on the border especially at Yatung where they kept their stocks. Besides, many has also opened accounts with the Bank of China- they would deposit their money in Yatung, for example, and withdraw from the BOC branch in Kalimpong. When the 48 hours deadline posted in 1962 for indian traders to leave Tibetan soil,it did not provide them enough time to clear the warehouses and the deposits in BOB were also lost as branches in India also were simultaneously closed with the trade.
Now after almost half a century there is a remote possibility the old silk route traders may recover their pass losses by way of compensation from China once the matter is approved by the Beijing.
Meanwhile,China have asked the old traders to submit documentary evidence in support of their claim for the request of compensation to be processed by it. in fact, Many of old traders still have their passbooks issued by the Bank of China and if the claims are settled if could range in a figure close to 15-20 crores in rupees.
Among other things, China has also invited members of Sikkim Chambers of Commerce and PSU such as STCS to visit to Lhasa and other areas under Tibet Autonomous region of China. It is informed serious preparation is already underway for an early tour of these areas by invitees from Sikkim.
