Bombay Bullion Association Extends Support To Narendra Modi As PM Candidature

Online, September 17, 2013 (Newswire.com) - The Bombay Bullion Association, an apex association of the all bullion and jewellery associations in India, has extended unanimous support to Mr Narendra Modi as the Bharatiya Janata Party's (BJP) prime ministerial candidate in the 2014 election.

On the sidelines of inaugural ceremony of corporate office of the BBA at the Zaveri Bazaar, Mr Mohit Kamboj, President of BBA, said that the BBA has extended the support to Mr Narendra Modi as the prime ministerial candidate since the UPA-led government has paralysed the industry policies and the country's economy, at large. "The bullion traders in this country are desperately looking for a change in the Indian political system and Narendra Modi is the right choice. We wish BJP to come to power and run this country," he added.

Mr Mohit Kamboj said that the UPA government has hiked gold import duty to an extent that is bullion traders are facing huge losses in business and now openly revolting against the UPA government. "The bullion traders across the country are quite upset with the UPA government for its gold import policy, which has put livelihood of people in danger, whether he is a big jeweller, a big bullion trader or a small goldsmith in Mumbai, Surat and Ahmedabad," he informed.

According to the BBA President, there are over 50 lakh workers associated with the bullion and gold industry and the industry has been facing brunt of the current policies made by the UPA government. "Since last two years, government's policy is almost to kill bullion and gold business in India, in order to reduce import bill and subsequently, the whopping current account deficit (CAD) at the cost of gold business," Mr Mohit Kamboj stressed.

The BBA also unveiled the "Target 272" for the 2014 elections at the hands of Mr Rajnath Singh, President of the BJP. Mr Ashish Shelar, President - Mumbai, Bharatiya Janata Party, Ms Poonam Mahajan, were also present on the occasion.

Mr Rajnath Singh, President of Bharatiya Janata Party said gold is considered as an auspicious metal. "In our country, gold is the purity to start a new beginning and unveiling the corporate office of the Bombay Bullion Association is the new start for us," he said.

"Today, India is the largest market for gold and the demand for gold has tremendously increased even in the foreign countries," he added.

"I am thrilled to launch the 2014 mission to reach the majority on the auspicious occasion, which is organised by Bombay Bullion Association that is related to gold. Like I said earlier, gold is a symbolic metal to start new beginning to get more than 272 seats in the 2014 elections and thereby, we form a government whose economic policies will restore India's pride globally," Mr Singh stressed.

The entire building has undergone a major change incorporating contemporary interiors designs and technology with the state-of-the-art facilities. With these new facilities, the BBA will now be better equipped to service its members and the members will also be benefited. The new corporate office of the BBA will feature with a lounge, conference room, board-room, testing room and many more facilities for its members.

The entire first floor has been re-organized to accommodate a member-cum-buyer's lounge with members only access and privileges will provide one-of-the-most comfortable and secure environments the industry has to offer. It will also update with latest news related to the industry being relayed live along with the current trading prices of various precious metals would be relayed in real time.

About BBA:
The Bombay Bullion Association Limited (BBA), an apex association for all bullion and jewellery associations in India, was established in September 1948. It was founded in response to the prevailing conditions that warranted an association with a multi-faceted approach to the problems and challenges faced by the bullion traders in a newly liberated India.

BBA helps its members and the community, at large, in the promotion and regulation of Bullion trade. It addresses disputes and arbitrations among dealers, provides a neutral and correct platform for weighing precious metals acceptable to the trading community. The BBA interacts with different executive agencies, provides reliable and correct reports of assaying of precious metals acceptable to the parties involved. Increasingly, it plays a pivotal role in interacting with all government departments on behalf of bullion traders, dealers and jewellers in implementation of new policy matters, import export issues and helps in the economic growth of the country. The Bombay Bullion Association operates from its headquarters in Mumbai where it carries out a range of activities such as Melting, Assaying, XRF Spectrometry, Hallmarking, Medallions and Coins, Dharam Kanta (Metal Weighing), Lockers, Communications etc. to assist the Bullion & Jewellery industry members.