 "Bullion dealers stay away from jewellers' strike")
Jewellers’ call for a day's strike on Wednesday, as a protest at the mandatory requirement of a buyer's tax department permanent account number (PAN) for any purchase over Rs 2,00,000, saw a mixed response.
For, the bullion dealers body, India Bullion and Jewellers Association (Ibja), did not participate. The strike call had been given by the All India Gems and Jewellery Trade Federation (AIGJTF). It was supported by 200 associations representing the jewellery industry across the country, said Ashok Minawala, Director of AIGJTF.
“We want the government to take a decision before the budget and extend the PAN threshold to Rs 10,00,000 from the current Rs 200,000. We cannot afford to lose our business at 25-30 per cent per month, as customers do not want to render PAN details with any jewellery purchase over Rs 200,000. If the government does not raise the threshold, we’d have to go on indefinite strike,” he said.
Large jewellery retail chains PCJ, Tanishq and Rajesh Exports supported the strike. So did the association of hallmarking centres.
For, the bullion dealers body, India Bullion and Jewellers Association (Ibja), did not participate. The strike call had been given by the All India Gems and Jewellery Trade Federation (AIGJTF). It was supported by 200 associations representing the jewellery industry across the country, said Ashok Minawala, Director of AIGJTF.
“We want the government to take a decision before the budget and extend the PAN threshold to Rs 10,00,000 from the current Rs 200,000. We cannot afford to lose our business at 25-30 per cent per month, as customers do not want to render PAN details with any jewellery purchase over Rs 200,000. If the government does not raise the threshold, we’d have to go on indefinite strike,” he said.
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Trade sources estimated a Rs 700–1,000 crore loss to the exchequer due to the day strike on Wednesday, given the estimate of Rs 7,000 crore of daily trade volume in the jewellery sector. Ibja said it didn't support the strike call. 'We request the entire gems and jewellery sector to think twice. After many years, the government is being positive about the gold industry and has abolished many (adverse) policies implemented by the (previous) government. A strike is not the only way to protest. Ibja is in complete support of the government for curbing of black (undisclosed) money but we've already given a presentation to the finance ministry for raising the PAN card limit,” said Mohit Kamboj, its president.
Large jewellery retail chains PCJ, Tanishq and Rajesh Exports supported the strike. So did the association of hallmarking centres.