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Gems and jewellery industry bodies oppose proposed DTC

The two industry bodies have strongly objected to two key issues of DTC, which include search and seizure provisions and 10% TDS on all payments

The national body for jewellery trade the All India Gems & Jewellery Trade Federation (GJF) and apex industry body Gems and Jewellery Industry (GJI) have opposed the proposed Direct Taxes Code (DTC), reports PTI.

Both the industry bodies have also made representations to the finance ministry to seek modifications in the DTC.

According to All India Gems & Jewellery Trade Federation chairman Vinod Hayagriv, "GJF strongly objects to two key issues of DTC, which include search and seizure provisions and 10% tax deducted at source (TDS) on all payments."

"GJF has more than 300,000 manufacturers, wholesalers and retail jewellers in India, which are already reeling under the effects of global recession. If our suggestions are not considered and necessary changes are not incorporated in the DTC, the proposed provisions will be highly detrimental to the operations of the assesses of the GJI and have the potential to adversely affect the very sustenance of such assesses," he added.

The seizure of such stock-in-trade of jewellery, bullion and precious stones would create great difficulties for the assesses of the GJI as it would result into cessation of their manufacturing operations resulting into loss of sales and break down of their entire business activity.

This is discrimination towards a single industry, such extreme measures are not applied in any other industry, so far. In case the amendments are not made in time, GJF shall call for a nationwide bandh (strike) and stall activities across the country, he said.

"We also strongly oppose deduction of 10% tax on all payments made for gold, diamonds, jewellery etc," former chairman All India Gems and Jewellery Trade Federation Ashok Minawala said.

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RIL announces new oil discovery in Gujarat block

Though this is the seventh oil discovery in the block, the company has yet not put a reserve estimate for any of the oil finds in the area

Reliance Industries (RIL) today said that it has made a seventh oil discovery in the Gujarat block, reports PTI.

The well, CB10A-N1 encountered hydrocarbon bearing zone between 1,388 and 1,403 metres below the earth in the block CB-ONN-2003/1 near Ahmedabad, the company said in a press statement in New Delhi.

"The well flowed at a rate of 410 barrels of oil per day," it said.

RIL, which has so far drilled 17 exploratory wells in the block, of which only six contained oil. The company has named the new discovery 'Dhirubhai-50'.

Though this is the seventh oil discovery in the block, the company has yet not put a reserve estimate for any of the oil finds in the area.

The company said it had notified the government and the Directorate General of Hydrocarbons (DGH) about the new find. "The potential commercial interest of the discovery is being ascertained through additional data gathering and analysis", added the company statement.

The block CB-ONN-2003/1 is located at a distance of about 130 km from Ahmedabad in Gujarat, in the Cambay basin. The block covers an area of 635-sq km in two parts—Part A and Part B.

RIL, as operator, holds 100% stake in the block. It had won the block in the fifth round of auction under the New Exploration Licensing Policy (NELP-V).

While the entire block was covered with 2D seismic, about 80% of the block area has 3D seismic coverage. Of the 17 exploratory wells drilled in the block by RIL, so far, 13 are located in Part-A and the remaining 4 in the Part B of the block.

Earlier on 11th June, RIL had informed of its sixth oil discovery in the Gujarat block. Based on acquired 3-D seismic data on this block, the company expects several more potential finds in the area.

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