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Post By : IJ News Service On 20 November 2015 3:27 PM
All India Gems and Jewellery Trade Federation (GJF) have expressed their appreciation for the Government’s plan to remove Gold imports from Thailand under the Free Trade Agreement.%% With a possibility of sharp increase in Imports of jewellery taking place from Thailand, with non- compliance to added value stipulations, the GJF recommended to the government that gold could be removed from the FTA list.%% The All India Gems & Jewellery Trade Federation Chairman Bachhraj Bamalwa said, “Realizing how gold is an area of focus for the finance ministry, we appreciate this decision of the Finance Ministry that will help India overcome the balance of trade position”.%% The Gems and Jewellery Trade Federation had recommended a series of steps to help the government to save precious forex. This included unlocking hidden reserve within the country, reducing the imports of gold by eliminating duplication is use of gold instruments, bringing in methods of reduction in hoarding of gold, and many other steps.%% Further reacting to the news of the Finance Minster to consider the recommendations of GJF to remove Gold imports from Thailand under FTA, Bachhraj Bamalwa said, “We wish to continue our dialogue with the Finance Minister to apprise him of more measures to help resolve the forex situation”.%% Incoming Chairman of GJF, Haresh Soni recalled "Continuing our efforts to bring about better business for the trade, GJF hopes to make positive contribution the Gems and Jewellery sector through positive improvements in operations."%% The federation urges the government to encourage, enact and speak positively on gems and Jewellery sector. The federation has also appreciated the positive steps taken by the government like the need to organize the sector, channelizing imports without wastage, reducing hand carriage and baggage rules, etc.

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