- The director of the the All India Gem & Jewellery Trade Federation, Bachhraj Bamalwa, confirmed about the kind of problems the gold trading will face.
- Gold traders have already been paying high import duty and other taxes to the Indian government.
Most of the jewellers and gold trade officials in the country are worried as their business can come to a gradual halt because of the Indian government’s decision of demonetising the 500 and the 1000 rupee notes. However, few of the trading officials and jewellers have welcomed the decision at the same time.
The director of the the All India Gem & Jewellery Trade Federation, Bachhraj Bamalwa has clearly stated that the trade is going to face a crisis situation and it may even come to a halt.
Gold trade has been facing difficulties anyway as it is being made to pay higher import duty and other taxes to the Indian government. Earlier, it was decided by the government that traders will have to show PAN cards for high-value purchase. That in turn has lead to a fall in imports in India.
The jewellery shop owner are not taking the 500 and the 1000 rupee notes anymore and it was further confirmed by Bamalwa himself.
Last Updated 31, Mar 2018, 6:41 PM IST