New Delhi: In what would come as a shock to the common people expecting grandeur results from the Prime Minister Narendra Modi’s November 8 declaration of 500 and 1000 rupee notes’ demonetisation, a report claims that about 15 tonnes of gold were sold in the initial nineteen hours thereafter.
In an information accessed by the National Secretary of India Bullion and Jewellers Association (IBJA), the jewellers made over five thousand crore rupees from the sale of gold.
About half of the sale of these gold and jewelleries took place in Delhi, Uttar Pradesh, and Punjab. There are about 2,500 registered jewellers to the association.
Further claiming that more than 6 lakh jewellers accepted old 500 and 1000 rupee currency notes post demonetisation, the Association has requested the Government to take strict action against them. This is 5x more than the normal sale.
Normally, 800 tonnes of gold is sold in India but this year round, the sale is believed to be around 500 tonnes.