[1]Bullion traders and jewellers called off their 21-day strike on Friday after an assurance by finance minister Pranab Mukherjee and UPA chairperson Sonia Gandhi that their demand for a excise duty rollback will be considered.
Most jewellery shops across the country are likely to open from Saturday. The jewellers, who have been on strike since March 17, are estimated to have lost around `20,000 crores.
“This is a conditional call-off. The finance minister has assured us our demand will be met. In case there is no announcement on a rollback (when Parliament meets for the Budget Session’s second half), we will again go on strike from May 11,” said Rakesh Saraf, president of the Karol Bagh Jewellers Association.
The jewellers have been protesting against the one per cent excise duty proposed on unbranded jewellery, hike in import duty on gold and tax collected at source (TCS) in the Budget. Their main demand, however, was for rollback of excise duty on unbranded jewellery.
The All India Gems and Jewellery Trade Federation said while Mr Mukherjee gave an assurance that excise duty and TCS would be reconsidered, he refused to accept any rollback in customs duty. “Mr Mukherjee felt it (customs duty hike) was needed to reduce the gold import bill that was rising along with fuel, capital and raw material imports,” a federation statement said. A senior federation figure, Mr C. Vinod Hayagrivi, said: “At the meeting Mr Mukherjee asked us not to pursue the customs duty rollback demand, and we agreed.”
The delegation pressed for protection of the domestic manufacturing sector, and sought amendment of NRI baggage rules to restrict gold imports to 1 kg and silver to 10 kg per passenger, besides import curbs on investment gold, coins and bullion.
A jewellers’ delegation earlier met Mrs Gandhi to seek a rollback in duties, and were assured she would forward their demands to Mr Mukherjee.
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