GJ Town India

Vipul Shah attends Hon'ble FM's Consultation Meeting!   GJEPC Chairman Vipul Shah presented key recommendations for the gem & jewellery trade at the pre-budget meeting with Union Finance Minister Nirmala Sitharaman.    Vipul Shah, Chairman of GJEPC, said, “The Indian gems and jewellery industry contributes around 10% to India’s total merchandise exports. However, the industry is currently facing some challenges due to the geopolitical scenario, the emergence of the beneficiation scheme, and issues related to rough diamond sourcing.   Against the backdrop of the macroeconomic scenario, I urge the government to take measures to revive exports in this sector. I request the Hon’ble Finance Minister to introduce a Safe Harbour rule in SNZs, introduce the Diamond Imprest License, and reduce the import duty on gold, silver, and platinum bars to 4%; and introduce duty drawback on exports of platinum Jewellery to take advantage of India UAE CEPA. These measures are crucial to

Three banks merger to be India’s third largest bank  Bank of Baroda, Vijaya Bank and Dena Bank may consider The Alternative Mechanism comprising of its Chairperson, the Union Finance Minister Shri Arun Jaitley and Cabinet Ministers, Shri Piyush Goyal and Ms. Nirmala Sitharaman met here today in New Delhi and decided that Bank of Baroda, Vijaya Bank and Dena Bank may consider amalgamation of the three banks. The envisaged amalgamation will be the First-ever three-way consolidation of banks in India, with a combined business of Rs. 14.82 lakh crore, making it India’s Third Largest Bank. The consolidation will help create a strong globally competitive bank with economies of scale and enable realisation of wide-ranging synergies. Leveraging of networks, low-cost deposits and subsidiaries of the three banks has the potential of yielding significant synergies for positioning the consolidated entity for substantial rise in customer base, market reach, operational efficien