Gold glitters as citizens shed ‘pink currency’
   Date :26-May-2023

Gold glitters  
Business Bureau
EVER since the Reserve Bank of India (RBI) announced the decision to withdraw Rs 2000 banknotes from circulation, citizens are leaving no stone unturned to get rid of notes in their possession. Amidst the frenzy, citizens are thronging jewellery showrooms to convert the opportunity into an asset. The markets have been witnessing a surge in the number of people looking to buy daily essentials and other valuables using the Rs 2000 notes which has eventually increased its flow all over. As there was Guru Pushya Nakshatra on Thursday, a day considered auspicious for buying gold jewellery, most of the jewellery showrooms in the city saw a stupendous rise in the number of buyers out of which sizable buyers were seen paying Rs 2000 currency notes.
It was also seen that some of the buyers were purchasing gold and silver ornaments with the prime intention of consuming the Rs 2000 currency notes. Rajesh Rokde, Director of Rokde Jewellers and Secretary of Nagpur Sarafa Association and Director of All India Gem and Jewellery Domestic Council (GJC), told The Hitavada, that the jewellers received Rs 2000 currency notes in large numbers.“Till recent past, we used to get small numbers of these notes. But the situation has changed dramatically and about 20 per cent of customers are paying it now,” he said. Rokde further said the jewellery business doubles on such auspicious occasions like Guru Pushya Nakshatra, as compared to normal days of the year. Guru Pushya Nakshatra which falls on May 25 is considered to be one of the most auspicious occasions to buy gold and silver jewellery and represents a symbol of prosperity and wealth. There was an increase in footfalls in the jewellery stores in prominent localities. Many leading jewellers, on the condition of anonymity, also confirmed the rise in circulation of Rs 2,000 currency notes to buy gold jewellery.
As a precautionary measure, the jewellery association has notified its members to take customer KYC details, mobile number, number and series of currency notes on all transactions above Rs 50,000. The action is being taken, to save the members from harassment by various Government agencies. During the demonetisation of Rs 500 and Rs 1,000 currency notes in 2016, a large number of jewellers were reportedly targeted by these agencies.