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The strike by bullion traders and jewellers continued for the 15th day today to protest the proposed increase in import duty on gold and imposition of excise duty on unbranded jewellery.
Most jewellery houses in the country are closed since the Finance Minister, Mr Pranab Mukherjee, in his Budget proposals imposed one per cent excise duty on unbranded jewellery and doubled the import duty to 4 per cent on gold.
Striking associations in different parts of the country have collectively decided to go for a complete closure of the bullion markets in major as well as small towns, the All India Sarafa Association President, Mr Sheel Chand Jain, had said.
He had said the strike will go on for an indefinite period until the Government rollback the taxes imposed on the bullion trade.
The Government had proposed a hike in import duty on gold bars, coins and platinum to 4 per cent from 2 per cent after doubling the tax in January.
Traders have warned that imposition of higher levies may lead to heavy paper work for small jewellers and a rise in retail gold prices by over six per cent, which is seeking to rein in a widening current account-deficit.
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