February 11, 2016
More than 600 jewellers in and around Coimbatore city downed their shutters to protest against the Centre’s new rule which says that the PAN card has to be produced on the purchase of jewellery worth Rs.2 lakhs or more. The one-day strike has affected business worth Rs.25 crores.
The Federation of Jewellery and Manufacturers have demanded that the ceiling be raised to Rs.10 lakhs. They said that in addition to the jewellers, there are 10,000 goldsmiths, 250 gold suppliers, and more than 50,000 workers who depend on gold trade for their livelihood.
The federation added that future course of action will be decided, based on the centre’s response and after discussing with the national association in Mumbai.