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Jewellers to go on one-day strike today
Protest against the mandatory PAN declaration for purchases above Rs.2 lakh
By: Diamond World News Service
Feb 10 2016 9:51AM
Reference: 12667  

The protest against mandatory PAN declaration in India, is taking on a new expression, with another strike by jewellers, reports say. There would be almost 100,000 jewellery shops across the country who would go on a one day strike today, 10th February, 2016, as a token protest against the norm.

The jewellery industry argues that the norm has affected the footfalls to the jewellery stores, in large numbers, thereby slowing down business drastically. Also, with business being affected, the artisans working in the industry too are left with little or no jobs. The jewellers protesting are part of or associated with over 300 associations of the industry in India.

The PAN mandate has affected the rural buying demand, as this sector is exempted from tax and thereby do not own PAN cards.

The mandate came into effect on January 1,2016, wherein, all transactions above Rs 2 lakh in cash or through card attracted the PAN declaration for the gem and jewellery sector.

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