Bullion traders' strike gives rise to a new wedding gift: NSCs

Thanks to the ongoing nationwide strike by bullion dealers, families here are exchanging savings certificates instead of gold jewellery at weddings.

Thanks to the ongoing nationwide strike by bullion dealers, families here are exchanging savings certificates instead of gold jewellery at weddings.

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The understanding is that they would redeem their "pawned" certificates by giving jewellery of the same amount once the agitation ends.

Bullion traders are on strike since March 17 to protest budgetary proposals of doubling import duty on gold and imposition of excise duty on unbranded jewellery.

"We pinned up National Savings Certificates (NSC) to the garlands on our children at their wedding, as there is no gold jewellery available due to the strike," said Raees Bhai from Ajeetpur, whose son tied the knot recently. "We have promised to exchange gold jewellery of the same amount, once the strike ends."

"We even went to the houses of these jewellery shop owners, who have downed shutters due to the strike, to buy jewellery but were returned empty handed," he added.