2000 Note Update News: Following the Reserve Bank’s recent announcement to remove Rs 2,000 notes from circulation, jewellers in India, the world’s second-largest consumer of gold after China, have seen an upsurge in queries for purchases of gold or silver.
Due to previous demonetization
The Gem and Jewellery Council (GJC) noted that, in contrast to what was seen during the demonetization in 2016, there is not a panic purchase of precious metals.
Despite the increase in queries, the last two days have seen a limited amount of real gold sales made with Rs 2,000 notes because of stringent Know Your Customer (KYC) regulations. Gold prices have risen to about Rs 66,000 per 10 grammes as a result of certain jewellers starting to charge a premium of 5–10%. The price of 10 grammes of gold today, however, has adjusted to around Rs 60,200.
2000 Note Update News: Why so many enquiries?
Saiyam Mehra, president of the Gems and Jewelery Council (GJC) of India, confirmed the increase in visitors and enquiries, but noted that actual purchases were limited by strict KYC requirements. Mehra emphasized that there is no widespread panic among customers as the central bank has set a four-month deadline of September 30 to withdraw 2,000 units from the market.
This happened after the RBI withdrew Rs 2,000 notes from circulation. According to the RBI, currency notes of this denomination will remain legal tender, the central bank said in a statement. He also advised banks to immediately stop issuing 2,000 rupee notes. To ensure convenience and avoid interruptions in the normal work of bank branches, starting May 23, 2023, banknotes with a value of 2,000 Rii can be exchanged for banknotes of other denominations up to 20,000 Rii in each bank. said the central bank.
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