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Kashmir Valley gold sellers on strike against excise duty

Jammu And Kashmir,Business/Economy,Kashmir, Tue, 03 Apr 2012 IANS

Srinagar, April 3 (IANS) Wholesale and retail gold traders of the Kashmir Valley continued their strike for the 16th day Tuesday against the excise duty hike on branded and unbranded gold in 2012-2013 union budget.

 

"We are not against the hike in the customs duty on the sale of gold, but our agitation is against the proposed imposition of excise duty on the sale of gold," Muhammad Iqbal, spokesman of the Valley's wholesale and retail gold traders, said here.

 

Local gold sellers have shut their business establishments across the Valley for the last 16 days and have threatened to continue their agitation till the proposed imposition of excise on sale of gold is rolled back.

 

"We will continue our agitation till the union finance minister, Pranab Mukherjee withdraws the proposal," the spokesman said.

 

The traders maintain that the prices of gold are already touching the sky and any further burden by way of imposition of excise duty would deal a serious blow to their trade. Over 2,000 non-locals in the Valley depend on this industry for a living.

 


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