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The gold market in India is seeing a spurt in sales and it can thank the RBI for it. The central bank’s decision to withdraw the Rs 2000 note from circulation by 30 September has prompted people to buy more gold – with most stores reporting a 20 per cent rise in purchases
The government on Friday announced that it will withdraw the Rs 2,000 denomination banknote from circulation but it will continue as legal tender.
Rs 2,000 Notes Withdrawn: The first day of exchanging or depositing junked Rs 2,000 notes is off to a rocky start with confusion over the requirement of officially valid identity cards, like PAN or Aadhaar, and official forms.
For the first time since the surprise decision to withdraw the highest denomination currency note was announced, RBI Governor Shaktikanta Das cleared the air and said the decision was part of currency management of the central bank
Rs 2000 Currency Notes Exchange: The total value of such banknotes in circulation has declined from Rs 6.73 lakh crore at its peak as on March 31, 2018 (37.3 per cent of notes in circulation) to Rs 3.62 lakh crore constituting only 10.8 per cent of notes in circulation as on March 31, 2023.