New Delhi35 minutes ago
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As soon as the demonetisation of Rs 2,000 note took place on Friday evening, people started putting away the notes kept with them. People started arriving in the market of Gujarat to buy gold and silver in exchange for them. Those who bought gold and silver by paying in 2 thousand notes had to pay 8 to 10 thousand rupees more. Market experts, on condition of anonymity, told that Rs 5 to 10 thousand more were taken for buying 10 grams of gold. Means gold was sold for 70 thousand rupees per 10 grams. At the same time, the price of one kg of silver reached 80 thousand.
Why are people buying gold?
Anuj Gupta, Vice President, IIFL Securities, says that those who have a large amount of 2 thousand notes, if they go to deposit it in the bank, then they will have to pay tax on it based on their annual income. Apart from this, the government can also interrogate them for keeping more cash. In such a situation, people are turning to gold to avoid all these hassles. Apart from this, keeping gold is also easy. Anuj Gupta says that in 2016 also at the time of demonetisation, a similar boom was seen in gold. At this time gold had reached 30 thousand to 50 thousand.
Gold can cross 65 thousand by the end of this month
Anuj Gupta says that gold is already getting support due to the ongoing ups and downs in the stock market. In such a situation, after the decision to take out the 2 thousand note from circulation, people are buying gold from the notes kept with them. This will give its price and support and by the end of this month it can cross Rs 65,000 per 10 grams. On the other hand, if we talk about silver, it can go beyond 80 thousand rupees per kg.
There was a great boom in gold this year
So far this year, gold has seen a spectacular rally. At the beginning of this year i.e. on January 1, it was at Rs 54,867 per 10 grams, which has now reached Rs 60,275. That is, its price has increased by Rs 5,408.
Wherever raids, there black money in bundles of 2000
Demonetisation was done seven years ago, so one aim was to curb black money. However, the black earners also found a way out of this. In recent years, where raids have been conducted by ED, Income Tax Department, CBI or State Police, mostly bundles of Rs 2000 have been seized as black money. More than 600 crore cash has been seized in 6 major operations of recent times. 284 crores from the perfume business in Kanpur and Rs 142.87 crores from the pharmaceutical company’s bases in Hyderabad. Had met
What orders did the Reserve Bank give regarding the 2000 note?
The Reserve Bank will withdraw the 2000 note from circulation, but the existing notes will not be invalid. 2 thousand note came in the market in November 2016. Then Prime Minister Narendra Modi had closed 500 and 1000 notes. In its place, a new note of 500 and 2000 was issued in the new pattern. RBI has stopped printing 2000 notes from the year 2018-19.
RBI has currently asked 2000 notes to be changed in banks or deposited in the account till 30 September, but has also said that it will remain legal even after this. This is only to encourage people to return these notes to the banks. Click here to read full news