A large number of jewellers and bullion traders in the country continued their strike Monday to protest the proposed 1 percent excise duty on non-silver jewellery.
Continuing loses for the second straight session, gold prices plunged by Rs 275 to Rs 28,085 per ten grams at the bullion market today, tracking a weak trend overseas and low demand from jewellers.
Jewellery sales is likely to fall by 40-50 tonnes in the January-March period due to the ongoing strike against proposed 1 percent excise duty on non-silver jewellery, according to ICRA
Finance Minister Arun Jaitley on Sunday offered to walk the extra mile to ensure that small traders were not harassed but made it plain that luxury items cannot go untaxed.
As the jewellers' strike against levy of excise duty entered fourth week, Finance Minister Arun Jaitley today offered to walk the extra mile to ensure that small traders were not harassed but made it plain that luxury items cannot go untaxed.
Traders body CAIT and All India Bullion Jewellers and Swarnkar Federation (AIBJSF) today said they will not withdraw their strike till the time government rolls back the proposal to impose 1 per cent excise duty on non-silver jewellery
Delhi Chief Minister Arvind Kejriwal has urged his state counterparts to write to Prime Minister Narendra Modi demanding a rollback of the 1% hike in excise duty on non-silver jewellery.
Pent up demand for US dollars by the jewellery sector, coupled with a weak Chinese yuan, are expected to exert pressure on the Indian rupee during the upcoming week, experts said on Saturday.
State-owned Indian Overseas Bank (IOB) has become the first lender to start distribution of recently launched Indian Gold Coins (IGC)
However, most of the jewellery showrooms in Tamil Nadu remained open today for regular trading.
The Sri Venkateswara Swamy Temple, popularly known as the Tirupati, has requested repayment of their deposits of longer than three years under the Gold Monetisation Scheme in the metal rather than cash.
Many jewellery houses in the country including in Delhi are closed since March 2 after Finance Minister Arun Jaitley announced one percent excise duty on non-silver jewellery in the Budget.
The strike by a large number of jewellers and bullion traders continued for the 21st day today to protest against the Budget proposal to impose 1 per cent excise duty on non-silver jewellery, despite the government constituting a panel to look into their demand.
At the Multi Commodity Exchange, gold for delivery in April shed Rs 43, or 0.15 percent, to Rs 28,898 percent 10 grams, in a business turnover of 888 lots.
Gold prices declined by Rs 84 to Rs 29,325 per 10 grams due to speculative selling after weak global cues.
A section of jewellers and bullion traders continued their strike for the 20th day here Monday, demanding rollback of the proposed 1 percent excise duty on non-silver jewellery, even as major associations called off the stir after meeting Finance Minister Arun Jaitley.
Spot gold eased on Monday, but found support from a weaker dollar as US and European central bank rhetoric turns more dovish, investors will search for further hints of easing in a week with few data releases to indicate whether years of loose monetary policy are having any material effect.
After continuing for 18 days, jewellers have finally called off their strike after the government assured them they will not be harasssed by the excise department in collecting a new tax
Gold traders and jewellers, whose pan-India strike continued for the 17th day on Friday, said they would not call off their indefinite strike till the government rolls back one per cent excise duty, but expressed willingness to pay tax in some other form.