KATHMANDU, NEPAL
Bullion traders organized a protest rally in the capital on Monday to draw the attention of the government toward their demand.
Jewelry outlets across the country have remained shut since Wednesday due to protest called by Federation of Nepal Gold and Silver Dealers Associations and Federation of Nepal Gold, Silver, Gems and Jewelry Association. Both the federations have stopped fixing rates of gold and silver. They have also stopped issuing recommendations for dealers to purchase gold from commercial banks.
“Closing the shops is not our choice but a compulsion,” Mani Ratna Shakya, president of Federation of Nepal Gold and Silver Dealers´ Associations, said. “We are closing shops even though we have to face losses because the government is turning deaf ear to our demand.”
Both the federations have been demanding that the government withdraw cases against gold, silver and diamond dealers who were found involved in cheating customers during market monitoring conducted by several government agencies. The dealers, however, have been maintaining that market monitoring is being carried out without any guidelines.
According to Shakya, more than 15,000 traders and 55,000 workers are directly involved in gold, silver and diamond industry. “Around 1.5 million people are dependent on this trade,” he added.
However, Narayan Prasad Bidari, director general of Department of Commerce and supply Management (DoCSM), made it clear that the government won´t withdraw cases against the wrongdoers. “Those found guilty will be punished at any cost,” he maintained.
He also said the government has invited officials of both the federations for talks on Tuesday. “In the meeting, we will ask the dealers what they really want from the government,” said Bidari.
Ealier the Ministry of Commerce and Supplies had invited bullion traders for talks on Friday. But the talks couldn´t take place as the government had appointed new commerce secretary the same day.
Shakya also demanded that the government incorporate their suggestions in the guidelines.
After the Ministry of Commerce and Supplies prepared draft of a proposal to standardize the price and quality of gold, silver, diamond and items made from these, bullion traders have proposed their own guidelines saying that the government proposed draft does not address their demands and that it is not applicable at all.
“If the government prepares the guidelines for monitoring that is acceptable to us, we will definitely help the government to find out the wrongdoers,” said Shakya, adding that closure of jewelry outlets is inflicting revenue loss of Rs 15 million a day on the government.
According to Shakya, daily transaction of gold, silver and diamond in the country hovers around Rs 200 million.
Source: myrepublica, 18th June 2013
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Bullion traders organized a protest rally in the capital on Monday to draw the attention of the government toward their demand.
Jewelry outlets across the country have remained shut since Wednesday due to protest called by Federation of Nepal Gold and Silver Dealers Associations and Federation of Nepal Gold, Silver, Gems and Jewelry Association. Both the federations have stopped fixing rates of gold and silver. They have also stopped issuing recommendations for dealers to purchase gold from commercial banks.
“Closing the shops is not our choice but a compulsion,” Mani Ratna Shakya, president of Federation of Nepal Gold and Silver Dealers´ Associations, said. “We are closing shops even though we have to face losses because the government is turning deaf ear to our demand.”
Both the federations have been demanding that the government withdraw cases against gold, silver and diamond dealers who were found involved in cheating customers during market monitoring conducted by several government agencies. The dealers, however, have been maintaining that market monitoring is being carried out without any guidelines.
According to Shakya, more than 15,000 traders and 55,000 workers are directly involved in gold, silver and diamond industry. “Around 1.5 million people are dependent on this trade,” he added.
However, Narayan Prasad Bidari, director general of Department of Commerce and supply Management (DoCSM), made it clear that the government won´t withdraw cases against the wrongdoers. “Those found guilty will be punished at any cost,” he maintained.
He also said the government has invited officials of both the federations for talks on Tuesday. “In the meeting, we will ask the dealers what they really want from the government,” said Bidari.
Ealier the Ministry of Commerce and Supplies had invited bullion traders for talks on Friday. But the talks couldn´t take place as the government had appointed new commerce secretary the same day.
Shakya also demanded that the government incorporate their suggestions in the guidelines.
After the Ministry of Commerce and Supplies prepared draft of a proposal to standardize the price and quality of gold, silver, diamond and items made from these, bullion traders have proposed their own guidelines saying that the government proposed draft does not address their demands and that it is not applicable at all.
“If the government prepares the guidelines for monitoring that is acceptable to us, we will definitely help the government to find out the wrongdoers,” said Shakya, adding that closure of jewelry outlets is inflicting revenue loss of Rs 15 million a day on the government.
According to Shakya, daily transaction of gold, silver and diamond in the country hovers around Rs 200 million.
Source: myrepublica, 18th June 2013
You may also like:
Gold Price reaches Rs.52,350 per tola due to appreciating US Dollar
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