FM decides to meet jeweller's association tomorrow; says understands jeweller's concerns

Posted By: Religare
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The unrest caused due to the protest by bullion traders has compelled Pranab Mukherjee to meet the jewellers' associations tomorrow. The meeting will focus on resolving the agitation caused against imposition of excise duty on the non-branded jewellery.

"In order to understand their (jewellers) concerns, Finance Minister Pranab Mukherjee has convened a meeting with representatives of jewellery manufacturers from major cities on April 6 at New Delhi," an official statement said.

The jewellers went on strike after the Finance Minister announced imposition of 1 per cent excise duty of non branded jewellery of gold and platinum, while increased import duty by 2 per cent to 4 per cent on the precious metals. The proposals were made in Union Budget 2012-13 on March 16, 2012.

Upset with the recommendations made in the Budget, the bullion traders raised the protest stating that the proposals would surely impact the market and surge the prices of the metals which is touching the sky these days. They have demanded a complete roll back of the two announcements.

Considering the plight and problems, FM last week announced rolling back of the excise duty from the non-branded jewellery, however remained firm on the increase in import duty on the metals. The decision was supported by the Parliament, which further stated that the market would soon be given the details about the roll back once issue is properly streamlined.

Read more about: finance, budget
Story first published: Thursday, April 5, 2012, 19:30 [IST]
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