A member of India Bullion and Jewellers Association on Saturday showed satisfaction over the Centre's decision to rescind the notification on the Gems and Jewellery sector, stating that this measure has been taken on the account of pressure from the traders' community.
The Centre yesterday decided to rescind the notification on the Gems and Jewellery sector, wherein the dealers of precious metals, precious stones and other high value goods were notified as person carrying on designated business and professions under the Prevention of Money-Laundering Act, 2002 (PMLA).
While speaking to ANI, Jewellery shop owner, Kumar Jain said, "The measure has been taken on the account of pressure from the traders' community, because their sales were badly affected. So the government is trying to give some relief to its dealers. The announcement on Gems and Jewellery sector, which the Centre has made is the best gift for all dealers. There were so many stores that were undergoing losses and were also shut as Rs. 50,000 limit of the PMLA act was issued on the industry. Also many dealers were going in for a loss of Rs. 200 to Rs. 300 crore".
"But as soon as this news has been announced we all are very happy and we are sure to have a good business for the coming festival," he said.
The Centre had earlier received representations from various associations in the Gems and Jewellery sector with respect to certain incongruities in Notification No. 4/2017 dated August 23, 2017.
A separate notification after due consideration of points raised and wider stakeholder consultation in this regard, shall be issued separately, said a statement on Friday.