Jewelers on indefinite strike
Posted on: 10/Mar/2016 11:24:22 AM
As many as 35,000 jewellers across the State have downed their shutters to protest the imposition of 1 percent excise duty. The entire workforce involved in the gold business is already under various pressure and this would just worsen the situation. It may be noted that of the Rs.500 crore turnovers per day, Chennai alone accounts for Rs.100 crore daily.
The striking jewellers are also against the government`s decision to make PAN card mandatory for transactions of Rs.2 lakh and above made by customers. Gold and diamond traders had earlier gone on a three-day strike from March 2, which was later extended to March 7. But now they have decided to continue the protest for an indefinite period.
The Finance Ministry has clarified that jewellers only with a turnover of more than Rs. 12 crore will be liable to pay the 1 percent excise duty and not small traders. But the protesting jewellers are demanding a complete rollback.
