Sarab Bazar bullion market resumes Business

Mahbubnagar: With the Bullion Trade Associations calling off their 38-day-long strike in protest against the Central government imposing of one per cent VAT on gold ornaments, the Sarab Bazar market in Narayanpeta resumed its business.

Thousands of customers thronged the market comprising 50 gold shops. The merchants, however, expressed the fear that they may face harassment by the Commercial Tax Department

Narayanpeta town is popularly known for making purest form of gold ornaments in Mahbubnagar district. However, with the Gold Shops Associations launching an indefinite strike, customers faced ticklish situation because of non-availability of gold ornaments to buy on the occasion of marriages.

“We prefer to buy gold at Sarab Bazar of Narayanpeta because the gold ornaments available here are of highest quality,” Mudavath Jayamani, who had come all the way from Mahabubnagar to buy gold from Narayanpeta.

Hari Naryan Bhattad, President of Sarab Bazar Jewelry Shops said, “We went for a long strike to pressurise the Central government to roll back the one per cent VAT on gold ornaments because, this will not only add burden on the customers, but also has other cascading effects that will impact our business.

Though most of those in government are favour of rolling it back, Arun Jaitly, the Finance Minister opposed it. Hopefully he will also be convinced of the need to roll back the VAT on ornaments and give respite to our gold merchants.”

Another gold shopkeeper Kamka Kishore Bhattad of Rahul Jewelers said that the VAT on ornaments would threaten the livelihood of lakhs of goldsmiths.