'Declare undisclosed income before September 30'

'Declare undisclosed income before September 30'

'Declare undisclosed income before  September 30'

Prime Minister Narendra Modi on Saturday asked those who have parked undisclosed wealth in the jewellery sector to come clean in order to “sleep peacefully”.

“You know most of the people who possess blackmoney. They often come in contact with you. Please convey my message to them,” Modi told jewellers and traders of gems, asking them to declare their undisclosed income before the September 30 deadline.

At a function organised by the All India Gems and Jewellery Trade Federation to felicitate him, Modi said the jewellery, real estate and construction sectors were the major contributors to blackmoney in India.

“Gold is somehow associated with the social status of people in India. Most of the households have gold jewellery lying around, which are used not more than three-four times in a year. If this is channelised for the economic development of the nation, it will boost India’s economy,” Modi said.

The prime minister also urged the gems and jewellery sector to look beyond the domestic market and establish a global presence. He called for innovation and skill development to achieve this objective and noted that there is an increasing global demand for handmade jewellery, in which India can make its presence felt. Modi said the gems and jewellery sector can emerge as the largest employer in India, but so far it is “untapped”.

Recalling the Budget proposal to impose 1% excise duty on jewellers, the prime minister said, “These issues gave the gems and jewellery industry a better understanding of the working of the government. In turn, it gave the government an opportunity to understand the intricacies of the sector. Both have won over each other.”

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