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GJEPC Delegation Meets New Commerce Secretary

Jul 10, 2012 6:25 AM   By GJEPC
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Press Release: A delegation of the Gems & Jewellery Export Promotion Council (GJEPC), led by Rajiv Jain, the GJEPC chairman; Sanjay Kothari, the GJEPC  vice chairman; Bakul Mehta, the convener of its diamond panel committee  and other senior members met India's new commerce secretary, S.R. Rao on July 5, 2012, at Udyog Bhavan in New Delhi.

The delegation apprised him about the current status of the industry and discussed ways to increase the growth of diamond exports and add value  from the sector in medium and short term. Jain made a detailed presentation and the delegates discussed the various current challenging issues facing the industry, which is acting as an impediment to growth.

The important issues discussed are as following:
1. Introduction of Presumptive Taxation System
2. Re-introduction of interest subvention of 2 percent on rupee export credit
3. Transfer pricing issue
4. Streamlining various custom procedures
5. Equitable generic promotion of diamond worldwide

The commerce secretary heard the remarks  and promised to look into the issues with an eye on increasing exports.

About GJEPC
The Gems & Jewellery Export Promotion Council (GJEPC) is an all - India apex body, representing 5,300 members. Started in 1966, it operates under the surveillance of the Ministry of Commerce & Industry, Government of India. More information log onto www.gjepc.org

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Tags: diamonds, GJEPC, India, Rajiv Jain, Rapaport
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