Protesting against Union Finance Minister Pranab Mukherjee’s announcement in the Union Budget yesterday which proposed duty on gold imports will be doubled to four percent and excise duty on refined gold increased from 1.5 per cent to three percent, about 1500 jewellery shops shut down in the twin cities of Hyderabad and Secunderabad today.
The Jewellery Associations alleged the hike by the Centre will ruin the sales as the price will increase by about 6-7 per cent on the finished jewels. The Associations had urged the UPA Government to immediately roll back the hike as the trade would be much affected. UNI