National News
Surat diamond workers demand 30 per cent wage hike
As many as 5,000 diamond workers in Surat took to the streets to mark the start of an indefinite strike.Members of the Diamond Workers Union Gujurat (DWUG) are demanding a 30 per cent pay increase from employees, together with a package from the government of other measures aimed at helping businesses workers and their families.
Diamond workers in Surat have initiated strike action, demanding a 30% wage hike. They claim their wages have remained stagnant for over a decade.The diamond industry in Surat is experiencing a significant slowdown, leading to financial distress for many workers. Reports indicate that some workers have resorted to suicide due to these hardships.
Key Demands include wage increases,a government relief package formation of a welfare board and Financial support for the families of workers who have died by suicide.
Surat is a major center for diamond cutting and polishing, employing a large workforce.he slowdown in the diamond industry is having a large impact on the city.Workers have stated that they have previously given memorandums to the government, and felt that there has been a lack of action.
National News
GJEPC, IndusInd Bank Host Webinar On FEMA Guidelines For GJ Exporters
Webinar Outlined How The Updated Regulatory Framework Enhances Operational Ease While Adjusting Key Trade Timelines.
GJEPC in association with IndusInd Bank, held a joint online webinar aimed at explaining the revised Foreign Exchange Management Act (FEMA) guidelines and their direct operational impact on the gem and jewellery trade.
The interactive session featured key industry figures and financial experts, including Prakash Kumar Rath (Head – Gems, Jewellery and Diamond Division, IndusInd Bank), Mital Doshi (Convenor – Banking, Insurance and Taxation Sub-committee, GJEPC), and Sumit Dolwani (Manager – Trade Policy, GJEPC). Together, they outlined how the updated regulatory framework enhances operational ease while adjusting key trade timelines.
Shorter Export Realisation Periods: Timelines for foreign currency invoices have been adjusted from 12 months down to 9 months, while Rupee invoices have been revised from 15 months down to 12 months.
Greater Flexibility for Extensions: Authorised Dealer (AD) banks can now grant time extensions based on individual transaction circumstances, significantly reducing the requirement for routine Reserve Bank of India (RBI) referrals.
Revised Import Payment Timelines: Import payments will now be governed primarily by commercial contracts, replacing the former rigid six-month and 360-day restrictions.
Greater Discretion on Advance Payments: Banks have been given enhanced flexibility in framing internal policies for advance remittances instead of strictly adhering to fixed monetary thresholds.
Flexibility in Third-Party Payments: Third-party payments are now permitted subject to prescribed regulatory conditions and the satisfaction of the AD bank.
Simplified Handling of Pending Cases: AD banks can directly resolve outstanding EDPMS and IDPMS cases without needing to refer every individual matter to the RBI.
Speakers emphasized that exporters must maintain precise records and complete supporting documentation for all transactions, including those monitored through EDPMS and IDPMS.
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