Panaji, March 28: Over 350 gold and jewellery dealers in Goa will down their shutters for three days beginning Thursday over the proposed changes in excise and import duty rates in the union budget.
Goa Gold Dealers Association (GGDA) president Vikram Verlekar told reporters here Wednesday that the gold and jewellery industry was already facing a slowdown due to increasing prices of gold and the increase in import duty on gold would worsen the scenario further.
“The industry is not organised and involves thousands of small jewellers and artisans who will be further affected by increase in excise and import duty rates. The proposal to impose TDS on cash transactions over Rs.2 lakh is impractical and would cause immense hardship and also loss of business to the dealers,” he said.
Verlekar said that apart from a rally which had been planned in Panaji on March 30, the association was also lobbying with MPs from Goa to put forth their demands in parliament.
“We are meeting all three MPs from Goa Thursday after we start downing the shutters,” Verlekar said.