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Jewellery sale has risen marginally after the central bank's move to withdraw Rs 2,000 notes from circulation, but it can't be compared with the 2016 rush when Rs 500 and Rs 1,000 notes were discontinued, say jewellers.
They said that gold prices are already high at Rs 60,000 for 10 grams this time, which is double in comparison to Rs 30,000 during demonetisation.
As these notes were not printed since FY19 and account for only a minuscule part of the overall currency in circulation, this step will not inconvenience the commoner in any measure. It will also flush out illegally hoarded wealth
A plea has been moved in the Delhi High Court challenging Reserve Bank of India (RBI) and State Bank of India (SBI) notifications, that permits exchange of notes without any identity proof. �� Rs 2000 Currency Notes Withdrawal From Circulation: PIL Against RBI, SBI in Delhi High Court for Permitting Rs 2K Note Exchange Without ID Proof.
As the RBI announced that all Rs 2000 notes are being withdrawn in the country, these rare notes have made a major appearance across market places in Delhi.