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Do you remember the demonetisation phase of 2016? 500 and Rs. 1000 notes went to jewelers. This time 2000 rupee notes are being taken out of circulation, so gold has become expensive. After all, what is this new connection between demonetisation and gold?
Let us tell you that the Reserve Bank of India (RBI) has decided to withdraw the pink notes of Rs 2000 from circulation. The central bank has given people time till September 30 to exchange notes up to Rs 2,000 in banks. However, they will remain legal tender.
Link to expensive gold jewelers?
This time also people are adopting the strategy of buying gold instead of 2000 rupee note. Some of these people will have a large amount of Rs 2000 notes. These people may try to exchange 2000 rupee notes with gold in the next 4 months.
Meanwhile, there are reports of increase in demand for gold from jewelers. According to media reports, jewelers are selling gold for Rs 100 in Mumbai’s gold market. Charging premium on payment in 2000 note. For this, they have increased the price of gold.
Gold became costlier in the market
The price of gold per 10 grams including GST in Mumbai market is Rs.10. 63,800 is around. Whereas on payment in Rs 2000 note, the price of gold is being charged at Rs 67,000 per 10 grams. Market sources say that on Friday Rs. The announcement of demonetisation of Rs 2,000 note has triggered realization of premium on gold, though it is expected to come down in a few days.
Similarly, in Surat’s gold market, jewelers are charging Rs 10 per kg. There are reports of charging a premium of 10 per cent to get a payout of Rs 2,000 on gold. Similarly, in Delhi too, there are reports of people buying jewelery by paying Rs 2000 from many jewellers. It also includes a branded jewelery chain.
Are people afraid to exchange notes?
People can also go to Real Estate to exchange Rs 2,000 notes. But after the demonetisation of 2016, the rules related to it have become more strict. In such a situation, people may prefer to buy gold or other options instead of going to banks. In which the purchase of foreign currency by religious organizations from black marketing is Rs. 2,000 notes etc. People may try to exchange notes through these channels to avoid getting caught by the tax authorities.
However, in the meantime, RBI has clarified that there is no limit to exchange Rs 2,000 notes in bank accounts. Also there is no restriction on this. On the other hand, people can convert a Rs 20,000 note into Rs 20,000 in a day without going to the bank and without any ID proof or filling forms.
