06 April 2012
Indian Jewelers Call Off Strike.
NEW DELHI—India's gold-jewelry trade associations agreed Friday to call off a 20-day strike, after Finance Minister Pranab Mukherjee promised to look into rollbacks on newly implemented gold taxes.
Indian retailers have been protesting measures, effective March 16, that doubled the import tax on gold to 4% and imposed excise taxes on most gold jewelry. Earlier, the excise tax was applicable only on gold jewelry sold by large, private companies.Imports by India, the world's top consumer of gold, have nearly stopped due to the strike, impacting global prices.