Bullion traders have suspended their three-week-old agitation till May 11, after the Finance Minister, Mr Pranab Mukherjee, agreed to look into their demands.
The traders also met the Congress President, Ms Sonia Gandhi.
The Finance Minister told the representatives of various bullion traders associations that he will announce the Government's decision on the floor of the house. He is slated to reply to the debate on the Finance Bill in the second stage of the Budget session starting April 24.
The bullion traders have been on strike since March 17. They are unhappy with the levy of excise duty on unbranded gold jewellery in the Budget. They are also protesting against the hike in the Customs duty on precious metals and the proposal of Tax Collected at Source (TCS) on cash purchase of jewellery worth Rs 2 lakh or more.
The bullion traders held a meeting immediately after their talks with Mr Mukherjee.
Positive assurance
“We have decided to suspend our agitation till the Finance Bill is passed.
“This will indicate whether our demand for the roll back of excise duty has been accepted,” said Mr Shri Kishan Goyal Chandiwala, Pradhan (head) of the Delhi Bullion Merchants Association.
Meanwhile, a section of bullion traders claimed that the Finance Minister had given a positive assurance on their demands.
Mr Rajender Bhola of Gems and Jewellery Export Promotion Council said, “The Finance Minister has assured roll back of all Budget proposals against trade.”
Mr Bachhraj Bamalwa, Chairman of the All India Gems and Jewellery Trade Federation, claimed the industry had lost nearly Rs 20,000 crore due to the strike and the Government lost nearly Rs 1,200 crore in revenue.
Meeting with Sonia
Earlier in the day, the jewellers met Ms Sonia Gandhi to press for their demands. The AICC General Secretary, Mr Janardhan Dwivedi, said, “The Congress has asked the Government to consider the demand of jewellers sympathetically.”