GJC seeks relief for virus-hit gems and jewellery industry

ST CORRESPONDENT
Monday, 23 March 2020

The GJC has urged the government to give a further extension of at least 180 days for repayment under the Gold Metal Loan (GML) scheme and interest thereon. 

PUNE: All India Gem & Jewellery Domestic Council (GJC) members have supported Prime Minister Narendra Modi’s initiative for Janata Curfew on Sunday.

However, the GJC is seeking relief for virus-hit gems and jewellery industry, stated a release.

The release further states that amidst the fear of the virus, the indigenous gem and jewellery sector in the country has come to a standstill with virtually no footfalls in jewellery stores. 

Many shops located at malls and shopping complexes are also shut. This being the last month of the financial year, there are a lot of due dates like advance tax payment, a maturity date of Gold Metal Loan, interest payment on Gold Metal Loan, etc. The GJC has urged the government to give a further extension of at least 180 days for repayment under the Gold Metal Loan (GML) scheme and interest thereon. 

They have also asked the government to extend the due date for the payment of advance tax by at least 180 days and urged for deferring the GST returns and extending the time limit for filing GST returns. They also seek to reduce the Customs Duty to 4 per cent.

GJC Chairman Anantha Padmanaban said, “Pertaining to the above issue, we have sent a recommendation to the prime minister stating our concerns and we have received a prompt and favourable response from the PMO. We are further pleased to hear about the formation of a task force under the finance minister, which was part of the PM’s address to the nation on March 19. Considering the situation, the domestic gem and jewellery sector seeks immediate relief measures.”

The release states that amidst the fear of the virus, the local gem and jewellery sector in the country has come to a standstill.

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