The country’s jewellers have decided to go on a day’s strike on February 10, 2016, in protest against the government decision on furnishing PAN card details for purchase of the yellow metal costing Rs. two lakh and above.
Over 300 associations covering over one lakh shops across the country, are likely to participate in the strike
Business volumes have fallen by 30 per cent after PAN was made mandatory a month ago for jewellery purchases of over Rs. 2 lakh, according to Sankar Sen, Gold Jewellers Federation Zonal Chairman- East.
The federation wants the ceiling to be fixed at Rs.10 lakh. Most of the business is generated from small towns and rural areas where a majority of the population do no have PAN cards. Bachhraj Bamalwa, director of the association, said such restrictive measures would affect the livelihoods of the gold artisans too. The federation had previously held protests over the issue.
The federation comprises of manufacturers, wholesalers, retailers, distributors and designers.
The gems and jewellery industry is a labour-intensive industry harnessing an over one crore-strong labour force. The domestic industry is currently estimated at Rs. 2.51 lakh crore and has a potential to grow to five lakh crore by 2018.
