Hyderabad: In protest against the government’s rule of mandatory ‘PAN card’ on sale-purchase of jewellery worth over Rs 2 lakh, all gems and Jewellery stores in Secunderabad and Hyderabad will remain closed on Wednesday.
The All India Gem & Jewellery Trade Federation and Pot Market Jewellers Association called the bandh.
Mr. Kailash Charan, Twin Cities Jewellers Association president, said, “Gems and jewellery industry contributes about 3.5 per cent of the gross domestic product (GDP) , Over 86 per cent people do not have PAN cards. Its verification is difficult for the jewellers. The industry has witnessed a drop of 30 per cent sales since January 1, 2016.”
“Even today 70 per cent of our industry thrives on rural markets where people do not have PAN cards. The new rule will kill retail sector and value chain along with it. If industry slows down manufacturing will suffer and goldsmiths and artisans in millions will be jobless,” added Mr. Praveen Kumar , Secretary – Twin city Jewellers Association.
