Following nationwide protests by the jewellers of the country, Indian Finance Minister Pranab Mukherjee has recently agreed to review 0.3% gold tax on unbranded jewellery; however, he has also said that there will be no roll back in the higher duty on gold imports.%% The new tax measures were announced earlier this month in the Federal budget for the fiscal year starting April, 1, 2012. With the new budget, the government has for the second time in 2012 doubled the import tax on gold bars, to 4 percent of value and has put a 0.3% tax on most gold jewellery.%% These new reforms triggered countrywide strike from the jewellers to mark their protest. Originally intended as a three day strike, the bandh was extended to five days. In various cities of India the strike continues entering day 12th.%% Although the finance ministry has now agreed to review the tax on unbranded gold jewellery, authorities have also made it clear that they will not budge on the import duty hike from 2% to 4%.%% The reasoning behind this firm stand is that Indians spend “precious foreign exchange” to buy gold and the high gold imports have weakened the rupee against the major global currencies.%%