|Following a meeting with India's Union Finance Minister Arun Jaitley on Saturday, the All India Gems and Jewellery Trade Federation (GJF), India Bullion and Jewellers' Association and Gem and Jewellery Export Promotion Council (GJEPC) have called off the 18-day nationwide jewelers' strike, reports the Times of India (TOI).
India's Central Government has reportedly formed a panel under former chief economic advisor Ashok Lahri to look into the jewelers' demands and examine issues related to compliance procedure for the newly-imposed excise duties on jewelry.
"All associations will be given an opportunity to submit representation before the sub-committee in writing, and the all-India associations will be allowed to state their case in person," the finance ministry said in a statement on Monday, reports TOI.
The panel's report is expected within 60 days.
Jewelers in the Indian state of Gujarat, however, have reportedly decided to continue striking, demanding a rollback of the 1 percent excise duty on non-silver jewelry. The news source reports that: "More than 2,000 jewellers representing 137 associations of various cities in the state met at a hotel in Ahmedabad on Monday. After a marathon meeting, they decided to continue the strike. They are also opposed to mandatory quoting of PAN by customers for transactions of Rs 2 lakh and above."