Budget 2013: GJF lauds FM for not increasing import duty on gold

KOLKATA: "Going by the negative comments for the gems and jewellery sector by the government over past few months the gems and jewellery sector was very sceptical about this year's Union budget. .The FMhas recognized the continuous representations by the sector. We are extremely thankful to the FM and the government. Our proposal for commodity transaction tax and increase in baggage allowance to Rs 1 lakh has been accepted,"" said Mr Bachhraj Bamalwa, chairman of GJF.

Commenting on the Union Budget, Haresh Soni, who will take over from Bamalwa shortly as chairman GJF, said : ""In our view the proposed budget shall optimally address growth and expenditure control simultaneously and benefit common man With regard to gems and jewellery industry across India and keeping the current scenario of economic slowdown in mind, we had recommended no hike in excise duty on gold and also no increase in import duty on gold. FM has listened to us.""

""We hope that with budget 13-14, gems and jewellery industry shall stimulate and continue to strengthen economy at large,"" Mr Soni said.

Commenting on the budget. Ashok Minawala, past chairman GJF said: "The gems and jewellery sector has contributed positively to the government needs to contain the balance of trade/ current account deficit burden. We pro-actively suggest that the custom duty should be maintained at 6% till such time the current account deficit positions improve."