Jewellers have called off their their 18-day old strike demanding rollback of proposed excise duty on non-silver jewellery after Centres assurance that there will be no pestering by excise officials.
Major jewellery associations, including All India Gems and Jewellery Trade Federation (GJF), Jewellers Association (IBBJ), Gems Jewellery Export Promotion Council and India Bullion have decided to call off the strike after meeting Finance Minister Arun Jaitley regarding the 1 per cent excise duty proposed on jewellery in the budget.
After meeting him, GJF Chairman Sreedhar G V said that excise duty have not been rolled back but Jaitley had assured of no no 'inspector raj'.
After long discussions, all associations agreed to call off the stir, he added.
During last 18 days, gems and jewellery industry is estimated to have incurred over Rs 25,000 crore.
Over 3 lakh jewellers from several associations had kept their establishments closed across the country since March 2 after Jaitley had announced one per cent excise duty on non-silver jewellery in general budget on February 29.
Jewellers are also against obligatory quoting of PAN by customers for transactions of Rs 2 lakh and above.