Jewellers End Strike On Govt Assurance: Media Reports

According to media reports, the country's jewellers late Saturday decided to end their 18-day strike after they received government assurance that the excise department will not harass them for the collection of a proposed excise duty on non-silver jewellery.

Jewellers End Strike On Govt Assurance: Media Reports
Following a meeting with Finance Minister Arun Jaitley, major jewellery associations, including All India Gems and Jewellery Trade Federation (GJF), India Bullion and Jewellers Association (IBBJ) and Gems Jewellery Export Promotion Council decided to call off the strike that lasted for as many as 18 days and is expected to have resulted in whopping losses of more than Rs 25,000 crore for the Indian gems and jewellery industry.

After the announcement of a proposed one per cent excise duty on non-silver jewellery, more than 3 lakh jewellers from over 300 associations had kept their shops and establishments closed across the nation since March 2. Check gold rates here

Jewellers have also been protesting against the mandatory quoting of PAN by customers for transactions of Rs 2 lakh and above.

"It (excise duty) has not been rolled back but our grievances have been taken care of. The Finance Minister has assured us that there will be no 'inspector raj' and we are hopeful of getting a notification in this regard. After long deliberations, all associations agreed to call off the stir," GJF Chairman Sreedhar GV told PTI.

Read more about: gold
Story first published: Monday, March 21, 2016, 8:00 [IST]
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