You are here: Home » Economy & Policy » News » Demonetisation
Business Standard

Govt working on lower costs for cashless sales in jewellery

I know what you did on Tuesday night, Piyush Goyal tells jewellers

Rajesh Bhayani  |  Mumbai 

Minister of State for Power, Coal and New and Renewable Energy Piyush Goyal

Piyush Goyal, Union power minister, told jewellers in South on Saturday to go and assured them the government was working on reducing the costs involved in such transactions. 

“I am aware of what you did on Tuesday night when Prime Minister announced the withdrawal of Rs 500 and Rs 1,000 currency notes,” he told jewellers. 

Gold was quoted around Rs 50,000 per 10 gram in the days following the November 8 till income tax officials raided hundreds of jewellers. Old currency notes were used to buy gold and at a steep premium to the official rate. 

Sources said the sale of diamonds against old currency was three times that of because a 1 carat solitaire diamond could cost a few lakh rupees depending on the cut, design and polishing. 

Retail sales are largely cash-based because credit card limits are often low and jewellers charge fees for using debit cards. Cheques are usually encashed before making delivery.

Goyal asked jewellers not to recover transaction charges for use of debit or  credit cards from customers. 

“The fraternity is hereby informed not to levy any charges on electronic, debit or  credit card, or mobile wallet transactions,” the (IBJA) stated. 

Jewellers said some steps were needed before they could switch to fewer cash transactions. “We request the government. to increase the mobile wallet limit because buying is a high-value transaction. Integration of various mobile wallets is needed as well,” said Surendra Mehta, secretary, IBJA.

“Cyber laws also need to be amended to curb fraud in electronic transactions,” he added. The issue of infrastructure for transactions was discussed in the meeting with Goyal. 

Govt working on lower costs for cashless sales in jewellery

I know what you did on Tuesday night, Piyush Goyal tells jewellers

I know what you did on Tuesday night, Piyush Goyal tells jewellers
Piyush Goyal, Union power minister, told jewellers in South on Saturday to go and assured them the government was working on reducing the costs involved in such transactions. 

“I am aware of what you did on Tuesday night when Prime Minister announced the withdrawal of Rs 500 and Rs 1,000 currency notes,” he told jewellers. 

Gold was quoted around Rs 50,000 per 10 gram in the days following the November 8 till income tax officials raided hundreds of jewellers. Old currency notes were used to buy gold and at a steep premium to the official rate. 

Sources said the sale of diamonds against old currency was three times that of because a 1 carat solitaire diamond could cost a few lakh rupees depending on the cut, design and polishing. 

Retail sales are largely cash-based because credit card limits are often low and jewellers charge fees for using debit cards. Cheques are usually encashed before making delivery.

Goyal asked jewellers not to recover transaction charges for use of debit or  credit cards from customers. 

“The fraternity is hereby informed not to levy any charges on electronic, debit or  credit card, or mobile wallet transactions,” the (IBJA) stated. 

Jewellers said some steps were needed before they could switch to fewer cash transactions. “We request the government. to increase the mobile wallet limit because buying is a high-value transaction. Integration of various mobile wallets is needed as well,” said Surendra Mehta, secretary, IBJA.

“Cyber laws also need to be amended to curb fraud in electronic transactions,” he added. The issue of infrastructure for transactions was discussed in the meeting with Goyal. 
image
Business Standard
177 22

Govt working on lower costs for cashless sales in jewellery

I know what you did on Tuesday night, Piyush Goyal tells jewellers

Piyush Goyal, Union power minister, told jewellers in South on Saturday to go and assured them the government was working on reducing the costs involved in such transactions. 

“I am aware of what you did on Tuesday night when Prime Minister announced the withdrawal of Rs 500 and Rs 1,000 currency notes,” he told jewellers. 

Gold was quoted around Rs 50,000 per 10 gram in the days following the November 8 till income tax officials raided hundreds of jewellers. Old currency notes were used to buy gold and at a steep premium to the official rate. 

Sources said the sale of diamonds against old currency was three times that of because a 1 carat solitaire diamond could cost a few lakh rupees depending on the cut, design and polishing. 

Retail sales are largely cash-based because credit card limits are often low and jewellers charge fees for using debit cards. Cheques are usually encashed before making delivery.

Goyal asked jewellers not to recover transaction charges for use of debit or  credit cards from customers. 

“The fraternity is hereby informed not to levy any charges on electronic, debit or  credit card, or mobile wallet transactions,” the (IBJA) stated. 

Jewellers said some steps were needed before they could switch to fewer cash transactions. “We request the government. to increase the mobile wallet limit because buying is a high-value transaction. Integration of various mobile wallets is needed as well,” said Surendra Mehta, secretary, IBJA.

“Cyber laws also need to be amended to curb fraud in electronic transactions,” he added. The issue of infrastructure for transactions was discussed in the meeting with Goyal. 

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard