G&J delegation meets Indian Commerce Secretary on industry issues

A delegation of the Indian gem and jewellery industry undertook a dialogue with the New Indian Commerce Secretary, Shri S.R.Rao on 5th July, 2012 to brief him on the industry developments and seek ways to increase exports.

The delegation was led by Shri Rajiv Jain, Chairman; Shri Sanjay Kothari, Vice-Chairman; Shri Bakul Mehta, Convener-Diamond Panel Committee and other senior members. They met the New Commerce Secretary, Shri S.R.Rao at Udyog Bhavan , New Delhi.

Shri Rao was briefed on the various challenges that are being faced by the industry, which is acting as impediments to the growth. The delegation also sought ways to increase growth of exports and value addition from the sector in medium and short term.

The important issues discussed are as following:

- Introduction of Presumptive Taxation System

-Re-introduction of interest subvention of 2% on rupee export credit

- Transfer pricing issue

-Streamlining various custom procedures

-Equitable generic promotion of diamond worldwide

The meeting concluded with Shri Rao promising to look into the issues with an eye to increase the exports.