- Jewellery purchase only way to convert demonetized currency.
- Shops open till midnight.
- People paid higher amount to buy gold.
The currency ban led to an Akshaya Trithia-like situation in jewellery shops in Bengaluru as residents rush to buy gold with the hoarded money.
Small or big, jewellery shops witnessed an impressive surge in sales from the time the announcement was made by the PM Modi till midnight of Tuesday. Though, no exact estimation regarding numbers can be provided by the jewellers as of now.
Interestingly, people even bought gold for higher prices to convert their hoarded money. People paid 5% premium or ₹2000 to ₹3000 extra on each gold items they bought.
Venkatesh Babu of Jewellery Association of Karnataka, told The New Indian Express that, "The rush on Tuesday was akin to that of 'Akshaya Trithia' day. Since purchases up to ₹2 lakh don't need a PAN card, most transactions were legal. However, many jewellers did business for more than this amount per individual. Also, buyers didn't mind paying 5% extra."
According to a jeweller, due to $5 per ounce price hike in the international market on Wednesday, gold prices in India also witnessed a surge from ₹2,880 per gram to ₹2,930 per gram.
Buying of gold was the last chance for the people to safely invest their demonetized hoarded money, though a transaction above ₹2 lakh can alert the authorities.
Last Updated 31, Mar 2018, 6:55 PM IST