Rs 2,000 note withdrawal triggers panic buying of jewellery
The RBI on Friday said that it had withdrawn Rs 2,000 currency notes but the note will remain a legal tender. It has asked people to deposit/exchange the currency till September 30, 2023.
The Reserve Bank of India's decision to withdraw Rs 2,000 currency note has triggered panic buying of gold jewellery in many cities including Delhi, Mumbai, and Surat. The decision was announced on Friday and a day after, many retail outlets in the national capital witnessed a constant flow of customers with Rs 2,000 notes to buy gold.
Customers said some jewellers were quoting a higher price for the yellow metal if it involved significant exchange of Rs 2,000 notes. But it would be a difficult task for consumers to use massive quantities of the Rs 2,000 notes to buy jewellery, without catching the attention of tax authorities.
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