JOIN USOver 300 associations of jewellery trade with more than one lakh shops across the country will observe a day-long strike on Wednesday, protesting the Centre’s rule on mandatory PAN card for purchase of jewellery worth Rs two lakh and more.
Sreedhar G V, Chairman of All India Gems and Jewellery Trade Federation (GJF) said the slowdown has affected jobs of millions in the jewellery sector as the business turnover has dropped by more than 30 per cent since the imposition of restriction about a month ago. “This is a crisis situation for the entire industry to survive because the jewellers are losing customers mainly in small towns and rural areas where a majority of population do not have PAN cards,” Sridhar said, urging the Union government to make PAN Card mandatory on jewellery purchase of over Rs 10 lakh instead of the present Rs two lakh.
Bachchraj Bamalwa, GJF Director, said with just 22.3 crore PAN cards issued in India, the restriction would jeopardise the industry.