Bareilly: A significant meeting was held at the Collectorate Auditorium under the chairmanship of District Magistrate Avinash Singh with office bearers and representatives of the local Sarrafa Market Association to discuss measures aimed at reducing gold imports and strengthening the national economy.
During the meeting, officials highlighted that nearly 90 percent of the gold consumed in India is imported, along with crude oil and several fertilizers, putting pressure on foreign exchange reserves. Referring to the Prime Minister’s appeal to the nation, the District Magistrate stressed the need for collective efforts to reduce unnecessary imports and promote economic self-reliance.
Addressing the jewellers, the DM said that in accordance with Indian traditions, large quantities of gold are exchanged during weddings and festivals such as Akshaya Tritiya, Dhanteras, and Diwali. He encouraged traders and customers to recycle old jewellery and use it to craft new ornaments instead of purchasing newly imported gold.
The jewellers raised concerns regarding CC limits, loan recovery issues by banks, and GST notices issued during periods of reduced business activity. Responding to these concerns, the District Magistrate assured traders that the administration understands the challenges faced by the business community and said discussions would be held with banks regarding financial issues.
He urged all stakeholders to work with a “Nation First” approach and motivate customers visiting jewellery stores to adopt gold recycling practices. The meeting also focused on reducing pressure on foreign exchange reserves and controlling gold imports through voluntary public participation.
The District Magistrate further appealed to traders to voluntarily discourage excessive buying and selling of gold and silver bullion in the larger national interest. Representatives of the Sarrafa Association assured full cooperation with the administration and the government.
Traders informed the administration that the local market mainly deals in jewellery sales where customers commonly exchange old ornaments for new ones, while bullion trade remains limited.
Issues related to security arrangements in the market were also raised during the meeting. The District Magistrate assured traders that their concerns would be addressed promptly and effectively.
State tax officials, jewellers, traders, and other concerned officers were present at the meeting.
Reported by Akhilesh Chandra Saxena from Bareilly.
