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ANNUAL REPORT 2015-2016 THE GEM & JEWELLERY EXPORT PROMOTION COUNCIL
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the ECIB & ECGC policy status as well as the progress of comprehensive
ECIB policy. Shri Praveen Shankar Pandya, Shri Suresh Khairwar, Shri
Sabyasachi Ray, Dr. Jitarani, Mr. A.Vishwanath were present.
14th July, 2015: A meeting was held with Dr. Suresh Surana, Astute
Consultants to discuss the Issue concerning penalty proceedings u/s.
271G of the Income Tax Act 1961 vis-à-vis Transfer Pricing Assessment
for F.Y 2010-11 corresponding to AY 2011-12 for non-maintenance
of records under Rule 10D. Dr. Suresh Surana, Shri Suresh Shah, Shri
Saunak Parikh, Shri Ajesh Mehta, Shri Sabyasachi Ray, Dr. Jitarani, Mr.
A. Vishwanath.
14th July, 2015: A meeting held with the international exhibition team to
discuss 1. The 3rd India Diamond Week – NYC- USA, 2. India diamond
weeks in other countries, 3. Bangkok Sept fair 2015, 4. JIS Miami 2015, 5.
Jewellery arabia 2015, 6. China Intl Jewelry Fair 2015 – Beijing, 7. UBM
Hong Kong show in June & Sept 2015, 8. VOD 2015, 9. JCK Las Vegas
2016 , 10. Indo Euro Jewellery Summit etc. Shri. Saunak Parikh, Shri. Sohil
Kothari,Shri. Sabyasachi Ray, Shri. Sridhar Iyengar, Shri. Anurag Kumar,
Ms. Margaret Rodrigues, Ms. Naheed Sunke were present.
15th July, 2015: Rio Tinto organised a luncheon meeting with the GJEPC
DPCMembers to discuss the promotional plans. Mr. Jean Marc Lieberherr,
Managing Director & Mr. Bruno Sane , General Manager, Marketing, Rio
Tinto Diamonds, Mr. Vikram Merchant, Director, India Represntative,
Mr Vipul Shah, Mr Suresh Shah, Mr Ajesh Mehta, Mr Sanjay Kothari, Mr
Saunak Parikh, Mr Sabyasachi Ray were present.
16th July, 2015: A meeting was held with NRI, Japan to discuss about the
diamond industry including recycled diamonds in India on behalf of few
Japanese clients who have shown interest in knowing about the industry.
Ms. Sonum Tiku, Mr. Anoop Kubba, Mr. Sabyasachi Ray, Dr. Jitarani, Ms.
Usha, Mr. A.Vishwanath.
17th July, 2015: A meeting held with Ms. Noella Monteiro, U.S. Commercial
Service to discuss and understand the gem & jewellery industry and its
issues related to US business. Ms.Noella Monteiro, Mr. Sabyasachi Ray,
Ms. Usha Kumari were present.
17th July, 2015: A meeting was held to discuss about the issue concerning
penalty proceedings u/s. 271G of the Income Tax Act 1961 vis-à-vis
Transfer Pricing Assessment for F.Y 2010-11 corresponding to AY 2011-
12 for non-maintenance of records under Rule 10D. It was also discussed
which method is used to solve the Transfer pricing issue. Dr. Suresh
Surana, Mr. Ramesh Rajani, Shri Suresh Shah, Shri Saunak Parekh, Shri
Ajesh Mehta, Shri Sabyasachi Ray, Dr. Jitarani, Mr. A.Vishwanath, Ms.
Usha, Mr. Sudhir Patil & 41 members from trade were present.
20th July, 2015: Meeting with Mr. A.K. Pandey, CGM, RBI to discuss
Replenishment issues, unhedged foreign currency and the proposed
Special Notified Zone. Shri. Saunak Parikh, Shri. Ajesh Mehta, Shri.
Sabyasachi Ray, Dr. Jitarani Udgata were present.
21st July, 2015: A courtesy meeting with Smt. Geetha Muralidhar, CMD,
ECGC at their office to congratulate her on her appointment as new CMD
of ECGC. Shri. Vipul Shah, Shri. Praveen Shankar Pandya, Shri. Saunak
Parikh were present.
22nd July, 2015: A meeting held with Mrs. Malathi Sridharan, Director (TP)
of Dept. of Revenue at her office to discuss and submit the representation
on the Transfer Pricing issue. Shri. Vipul Shah, Shri. Praveen Shankar
Pandya, Shri. Saunak Parikh, Shri. Ajesh Mehta, Shri. Sabyasachi Ray, Dr.
Suresh Surana were present.
22nd July, 2015: 17th CoA Meeting held at Council’s office to elect a
Chairman for the meeting in terms of provisions prescribed under Article
26.1(i)(b) of the Articles of Association. 2. To consider and review the
Minutes of previous CoA Meeting held on 30th January 2015. 3. To
decide, consider and approve passing of necessary resolutions for
carrying out the approved activities of the Council unhindered. 4. To
discuss and consider the date, notice & agenda of the Extra-Ordinary
General meeting of the members of the Council to be convened for the
purpose of approving the Election Rules and authorize a member of the
CoA to issue the notice of the said EGM. 5. To review and Co-opt any such
Member to administer the approved activities of the Council, if necessary.
6. Any other matter with the permission of the Chair. Shri Saunak Parikh,
Shri Vipul Shah, Shri Sanjay Kothari, Shri Suresh Shah, Shri Ashok Kumar
Singhi, Shri Ajesh Mehta were present. Through Teleconference: Shri
Nirav Bhansali , Shri Sudhir Kasliwal, Dr. Nawal Kishore Agarwal , Shri
Colin Shah (partly through cell), Shri Sabyasachi Ray , Shri. Jay Mehta,
Shri. Sandeep Sharma, Shri. Murtuza Kalyanwala.
27th July, 2015: A meeting was held to discuss the issue concerning
penalty proceedings u/s. 271G of the Income Tax Act 1961 vis-à-vis
Transfer Pricing Assessment for F.Y 2010-11 corresponding to AY 2011-
12 for non-maintenance of records under Rule 10D. Shri Praveen Shankar
Pandya, Shri Saunak Parikh, Dr. Suresh Surana, Shri Ramesh Rajini( Tele-conf),
Shri Vipul Shah( Tele-Conf), Shri Sabyasachi Ray, Mr. A.Vishwanath, Ms. Usha
Kumari, Mr. Sudhir Patil were present.
28th July, 2015: A meeting held with Smt. Anita Kapur, Chair Person, CBDT to
discuss the tax related issues of the Gem & Jewellery Sector 1) Transfer Pricing
Issue 2) Tax issues at SNZ 3) issue 15CA & 15CB. Shri. Vipul Shah, Shri. Saunak
Parikh, Shri. Ajesh Mehta, Shri. Sabyasachi Ray, Shri. K.K. Duggal.
31st July, 2015: A meeting was held with Shri. Sushil Solanki, Commissioner,
Sales Tax to discuss the service tax flow chart for place of removal. Shri Sushil
Solanki, Shri Sabyasachi Ray, Dr. Jitarani Udgata were present.
4th August, 2015: A meeting held with RJC officials to introduce the newly
appointed ED and the Country Head for India. A meeting held with RJC officials
to introduce the newly apppointed ED and the Country Head for India. Mr.
Andrew Bone, ED, Mr. Kinjal Shah, Country Head, Mr. Sabyasachi Ray, Mr.
Sudhir Patil were present.
5th August, 2015: A meeting held with Signet Jewels at Hotel Grand Hyatt to
discuss the promtional measures. Mr.David Bouffard, Mr. Philip Olden, Mr. John
Hall, Mr. Vipul Shah, Mr. Suresh Shah, Mr. Ajesh Mehta, Mr. Colin Shah, Mr.
Sabyasachi Ray, Ms. Kavita Balel were present.
5th August, 2015: 19th CoA meeting was held at Hotel Grand Hyatt to discuss
and grant leave of absence, if any, to the CoA Members unable to attend the
Nineteenth CoA meeting 2. To consider and review the Minutes of previous
CoA Meeting held on 31st July, 2015 in Mumbai, 3. To Review the Exports and
formulate the strategy thereof, 4. To discuss and consider the amendments
to the existing budgets approved by the CoA of the Council and pass foreign
promotional activities, wherever necessary, 5. To consider the draft of the notice
of the Extra-Ordinary General meeting of the members of the Council to be
convened for the purpose of granting approval to the amendments in the Articles
of Association and for approving the Election Rules as discussed and decided
in the adjourned EGM dated 09th June 2015, 6. To note the progress of the India
Diamond Trading Project (IDTC) (SNZ Project) and the Know Your Customer
(KYC) Project which could not be discussed in the Eighteenth CoA (2012-14)
on account of paucity of time, 7. To discuss and decide on the machines to be
purchased for Diamond Detection Research Centre (DDRC) which could not be
discussed in the Eighteenth CoA (2012-14) on account of paucity of time. Shri
Vipul Shah, Shri Saunak Parikh, Shri Sanjay Kothari, Shri Suresh Shah, Shri Sudhir
Kasliwal, Dr. Nawal Kishore Agarwal, Shri Colin Shah, Shri Nirav Bhansali, Shri
Ashok Kumar Singhi, Shri Ajesh Mehta,Shri Sabyasachi Ray, Shri Rahul Gupta
(Through teleconference), Shri Pramod Agarwal, Shri Jay Mehta,Practicing
Company Secretary, Shri Sandeep Sharma, Ms. Kavita Hebalkar,Shri Murtuza
Kalyanwala, Shri Rajesh Narvekar were present.
6th August, 2015: A Trade meeting with Smt. Rita Teaotia, Commerce Secretary
to discuss the trade issues related to gem & jewellery sector. Smt. Rita Teaotia,
Shri. Siddharth, Smt. Rupa Dutta, Shri. Vipul Shah, Shri. Anoop Mehta, Shri. Mehul
Shah, Shri. Sabyasachi Ray, Prominet Trade Members, Secretariat were present.
6th August, 2015: A dinner meeting been organised to felicitate Smt. Rita Teaotia,
Commerce Secretary at Hotel Grand Hyatt. Smt. Rita Teaotia, Shri. Siddharth,
Smt. Rupa Dutta, Smt. Geetha Muralidhar, Shri. Vipul Shah, Shri. Anoop Mehta,
Shri. Suresh Shah, Shri. Asjesh Mehta, Shri. Saunak Parikh, Shri. Pankaj Parikh,
Shri. Sanjay Kothari, Shri. Nirav Bhansali, Shri. Praveen Shankar Pandya,
Shri. Princeson Jose, Dr. Nawal Kishore Agarwal, Shri. Pramod Agarwal, Shri.
Sabyasachi Ray, Shri. Rahul Gupta were present.
7th August, 2015: Rapaport organised a breakfast and special presentation of
“The Diamond Dream” by Martin Rapaport at Hotel Grand Hyatt wherein Shri.
Vipul Shah and Shri. Sanjay Kothari were Panelists along with the Prominent
Panelists Shri. Ashok Minawala, and Shri. C. Venkatraman.
7th August, 2015: Delegation level meetings held at Business Centre, IIJS Venue
with Russia, China, Nepal, UK, and Bangladesh. Shri. Nirav Bhansali, Shri.
Saunak Parikh, Shri. Ajesh Mehta, Shri. Sabyasachi Ray, Shri. Sridhar Iyengar,
Shri. Vikrant Pradhan, Shri. Anurag Kumar, Shri. Sunil Hande were present.
8th August, 2015: A meeting held with the Iran delegation at Business Centre,
IIJS Venue. Shri. Nirav Bhansali, Shri. Saunak Parikh, Shri. Sabyasachi Ray, Shri.
Sridhar Iyengar, Shri. Vikrant Pradhan, Shri. Anurag Kumar, Shri. Sunil Hande
were present.
8th August, 2015: A Trade Meeting held at Business Centre, IIJS venue to discuss
the implications of the proposed GST on gem & jewellery sector. People present
were Shri Vipul Shah -Chairman, IIJS, Shri. Saunak Parikh - Member, BITC,
Shri. Nirav Bhansali - Convener, IIJS & Member CoA, Shri Sabyasachi Ray, Shri
Princeson Jose - Chairman, Prince Jewellery, Shri Ahammed M.P. - Chairman,
Malabar Gold and Diamonds, Shri T.S. Kalyanaraman – CMD, Kalyan Jewellers,
Shri Asher O – Managing Director, Malabar Gold and Diamonds, Shri. Rajesh
Kalyanaraman – Executive Director, Kalyan Jewellers, Shri. Vinod Hayegriv – MD,
C. Krishniah Chetty and Sons, Shri. K. Srinivasan – Chairman, Emerald Jewel
Industry, Shri. Sanjiv Agarwal – CEO, Gitanjali Exports, Shri. Jayanthilal Chellani
