Upset with the government's decision making PAN card a must for transactions above Rs 2 lakh, the jewellery industry today said it will stage protest on January 18 across the country.
The government's move has led to a loss in business by 25-30 per cent in the first fortnight of this month alone, it said.
From January 1, permanent account number (PAN) has been made mandatory for all transactions above Rs 2 lakh in cash or through card for the entire gems and jewellery sector.
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"Our members and many of the jewellery associations are on the agitation path since they suffered losses of 25-30 per cent in business transactions in the last 15 days," the All India Gems and Jewellery Trade Federation (GJF) G V Sreedhar said in a statement.
The agitated jewellers and associations have chalked out a 'protest programme' across the country to voice their concern over "the ongoing crisis situation" in the industry. To start with, leading jewellers will take out a candle protest on January 18 across the country, GJF said.
Stating that the fall in business is a result of several factors which include the PAN card requirement, Sreedhar said a representation has also been made to the Finance Ministry on this issue.
GJF Director Ashok Minawala said, "If the government does not take action, there will be protests in a major way. The PAN card restriction has discouraged a majority semi-urban and rural jewellery buyers, who are engaged either in farming (no income tax obligation) or in small trade practices."
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