Jewellers Urged To Go Cashless To Support Demonetisation

Mumbai: Jewellers have been urged to move towards cashless transactions in order to support the Centre's demonetisation initiative to create a compliant, cashless and corruption-free economy, All India Gems and Jewellery Trade Federation (GJF) said today.

"We are asking jewellers to go cashless in sync with the Prime Minister's vision of Digital India and also to support the government's demonetisation initiative to create a compliant, cashless and corruption-free economy," GJF Chairman Sreedhar GV said in a release issued here.

He said, the biggest economic reform in independent India is a revolutionary measure to encourage everyone, including jewellers to embrace and promote digital platforms for transactions.

"As an apex body of domestic gem and jewellery sector, we urge all the jewellers and customers to go cashless as the same is hassle-free, transparent and organised," he added.

The sales of jewellery have started to pick up slowly and there has been increase in cashless or credit and debit cards, real-time gross settlement systems (RTGS), National Electronic Funds Transfer (NEFT), Immediate Payment Service (IMPS), cheques and pay order transactions over the last few weeks, he said.

GJF has also urged the government to provide special consideration on cashless purchase of jewellery and to remove existing restrictive measures on cashless jewellery buying, he said.
"The positive transformational move will give a major fillip to our formal economy and help improve the country's GDP in the long run while encouraging jewellers to get more organised," Sreedhar said.

GJF is a national trade federation represents over 3,00,000 players comprising manufacturers, wholesalers, retailers, distributors, laboratories, gemologists, designers and allied services to the domestic gems and jewellery industry.

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