Business worth about Rs 2,000 crore was lost in the region.

news Excise Duty Tuesday, March 08, 2016 - 22:27

Jewellers in Tamil Nadu and Puducherry, who had temporarily called off their strike following Centre's assurance to review the proposed excise duty hike, today intensified their agitation by announcing an indefinite closure.

"We had temporarily called off our strike after the government said it will review our request. But the meeting in Mumbai yesterday remained inconclusive and we have no option than to resume our strike," Madras Jewellers and Diamond Merchants Association President Jayantilal Challani told PTI.

Gold and diamond traders had earlier gone on a three-day strike from March 2, which was later extended till March 7, against the Government's proposal to levy 1 per cent excise duty (without CENVAT credit) or 12.5 per cent (with CENVAT credit) on non-silver jewellery as announced by Finance Minister Arun Jaitley in his budget speech.

But after Centre's assurance to look into it, the showrooms were immediately opened on March 6.

"We re-opened the showroom on March 6 and 7. Today afternoon onwards, we have decided to shut the showrooms indefinitely following yesterday's development", Challani said.

Around 36,000 jewellery showrooms in Tamil Nadu and Puducherry and 12 lakh employees were participating in the strike, he said.

During the three day strike, Challani had said business worth about Rs 2,000 crore was lost in the region.

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