G & J Sector Stands with the Government in Battle Against COVID-19

GJC members to support PM’s clarion call for Janata Curfew on 22 March and seek relief for the virus-hit Gems and Jewellery industry 

Post By : IJ News Service On 21 March 2020 3:53 PM

All India Gem and Jewellery Domestic Council (GJC), a national trade federation with representation of over 6 lakh jewellers from across India, has extended its wholehearted support and cooperation to the Government in the battle against COVID-19. GJC members will support Prime Minister Shri Narendra Modi’s clarion call for Janata Curfew on 22 March to fight the pandemic. Since the last 14 years, GJC has been serving as a bridge between the Government and the gems and jewellery trade as well as undertaking various initiatives on behalf of and for the industry. 
GJC has a rich legacy of voluntary service by jewellers for the benefit and upliftment of fellow industry colleagues as well as artisans and craftsmen engaged in the profession. The safety and wellbeing of members and industry constituents is always its priority and keeping that in mind, GJC has issued COVID-19 Advisory to appeal to the Make in India indigenous industry members to play a responsible role and assist everyone including employees, karigars, artisans, customers, manufacturers, wholesalers, retailers, distributors, laboratories, gemologists, designers and allied services; - so that everyone remains safe and healthy by taking all possible precautions.
According to Anantha Padmanaban, Chairman, GJC, “GJC’s members across the country will extend all possible support and cooperation to the Government of India in the ongoing battle against COVID-19 pandemic. We are fortunate that our Central and State Governments are working 24 X 7 to make sure that we all remain safe.” The organisation welcomes Prime Minister’s Janata Curfew on 22 March and aims to make it a success. They have also issued the advisory for well-being of entire jewellery fraternity across the country.
The gems and jewellery industry has always been a caring sector and GJC is always supported by the industry to stand with the government in its fight to control such situations. 

Amidst the fear of the virus, the indigenous gem and jewellery sector in the country has come to a standstill with virtually no footfalls in jewellery stores. Many jewellers have to even shut down their shops located in malls and shopping complexes. However, this being last month of the financial year, there are lot of due dates like Advance tax payment, Maturity date of Gold Metal Loan, Interest payment on Gold Metal Loan etc. 

“Pertaining the above issue, we have sent a recommendation to the Prime Minister stating our concern and we have received a prompt and favourable response from the PMO,” added the Chairman.  

Considering the crisis situation, the domestic gems and jewellery sector seeks immediate relief measures to enable the trade to function smoothly. Prime Minister Narendra Modi ji had proposed setting up a COVID-19 emergency India Fund and RBI has taken measures to address liquidity issues - GJC has urged government officials and banking sector officials to consider the issues faced by gems and jewellery sector, which is one of the top three job creators and employers in the country.

GJC urged the Government to give further extension of at least 180 days for repayment under the Gold Metal Loan (GML) scheme and interest thereon. 

Most of the businesses avail CC / OD facilities for their working capital requirements. Keeping in mind the current market scenario, we have requested the government to grant us an extension in the payment of interest amount by at least 180 days and also reduce the rate of interest. March 15 is the due date for payment of the fourth and last installment of advance tax for the year 2020-21. Considering, the slowdown in the business due to recession and the escalated outbreak of Corona Virus (COVID – 19), many businesses have failed to make Advance tax payment. As a one-time relief, GJC urges the Government to extend the due date for the payment of Advance tax by at least 180 days.

GJC also urged the Government for deferring the GST Return and extending the time limit for filing GST return. 

GJC has also sought to reduce the customs duty to four per cent. If rate of tax is not kept at this level, it shall encourage smuggling and encourage people to do unorganised business. GJC feels that with the above support measures, the gems and jewellery sector could get motivated to overcome this sudden and huge crises.

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