Indian demonetization effect: 15 tonnes of gold sold on Nov. 8-9


By Ram Sahgal
The Times of India, Mumbai
Thursday, December 8, 2016

Jewellers sold 15 tonnes of gold ornaments and bars, worth around 5,000 crore rupeees, on the intervening night of November 8 and 9 after the government demonetized Rs 500 and Rs 1,000 denomination notes, said Surendra Mehta, national secretary of India Bullion & Jewellers Association. The association has 2,500 jewellers registered with it from across the country.

"We estimate gold worth Rs 5,000 crore, or around 15 tonnes, was sold between 8 pm on November 8 and 2-3 am the next day, after the prime minister's demonetization announcement," Mehta told The Times. He said nearly half of these sales happened in Delhi, Upper Pradesh, and Punjab. He claimed that only 1,000 of around 6 lakh jewellers across the country had accepted Rs 500 and Rs 1000 notes in exchange for gold on the night of November 8.

The association has requested the government to take strict action against erring jewellers as they had brought a "bad" name to the entire trade, Mehta added. ...

... For the remainder of the report:


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