Bullion traders strike completes Day 5

Bullion traders went on strike for the fifth day today over the hike in customs duty on gold imports and imposition of excise on unbranded jewellery by the government.

Bullion traders, who have been on strike since March 17, had announced on Monday night that they will extend the stir for another two days.

All-India Sarafa Association President Sheel Chand Jain said that the industry has lost a turnover of around Rs 3,000 crore.

In a letter to Finance Minister demanding rollback of the proposals, All India Sarafa Association had said that the proposed increase in import duty would lead to smuggling of gold.  "The proposed increase in import duty will lead to unchecked smuggling of the metal," the letter had said.

The All-India Gems and Jewellery Trade Federation (GJF) Chairman Bachhraj Bamalwa had said that the small jewellers are irked with the proposed levy of excise as they do not understand the legalities of it.

Meanwhile, the government did not show any inclination towards the demands made by the bullion traders and merchants.

Finance Minister Pranab Mukherjee had yesterday justified the hike in customs duty on gold in Rajya Sabha.