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Jewellers incur Rs 5000 Crores business because of strike
Posted on: 15/Mar/2016 2:22:43 PM
Jewellers across the State downed shutters to protest the budget proposal to impose an excise duty of one per cent on gold jewellery. Because of this strike it has been mentioned that the jewelers have incurred a loss of Rs 5000 Crores business.
Jewellers across the State downed shutters to protest against the budget proposal to impose an excise duty of one per cent on gold jewellery from 2nd March to 5th March.
Meanwhile the jewellers have temporarily called off their strike after Finance Minister and government officials agreed to review the matter. Since there was no proper response from the union government, the jewellers decided to go on indefinite strike from 8th March. Some of the jewellery shops were kept open yesterday in Usman Road. The merchants have mentioned that they had opened the shops to handover the gold to customers ordered for auspicious occasions like marriage. But the shops in Perimedu and Vepery were kept closed.
Madras Jewellers and Diamond Merchants Association president Jayantilal Challani, said, We are protesting against the budget proposal to impose an excise duty of one per cent on gold jewellery for the 13th day. Due to this strike there was a loss of Rs 5000 Crores business. There is loss for government also. 12 shops were opened in T Nagar area to handover the jewels ordered for auspicious occasions like marriage etc. Shops were closed in other areas. On 17 March, more than five lakh jewellers will attend an agitation in New Delhi. We hope that the Central government will come out with a good decision before that. If not, we will continue to protest till the one per cent excise duty is withdrawn.
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