Some Kerala Jewellers sold upto 30 kg gold on night of currency ban

Following reports that the night of Prime Minister Modi's surprise announcement of demonetization witnessed an 'unusual surge' in jewellery sales in Kerala, the Customs Department has initiated examinations across the state. The officials have reportedly seized the CCTV footage and the sales register from some jewellery shops in Kochi. 

There were reports that some jewellers in the state made illegal sales on the night of  8 November just after PM Modi announced the crackdown on black money by demonetizing Rs.500 and Rs.1,000 currencies. Some shops engaged in secret business throughout the night to help black money hoarders to change unaccounted money into gold, it was alleged. 

The Customs officials are reported to have found evidence of 15 shops engaging in illegal gold trade during that night. The shops that used to sell about 3 kg gold, sold up to 30 kg gold!

Some shops had sales to the tune of Rs.2 to 5 crores, after 8 in the night on 8 November. Usually, the jewellers down shutters by 7.30 pm. But on that night the sales persons, who had left home after the day's work, were asked to return for the convenience of some 'special customers' and the gold sales continued till next morning, reports said. 

• currency ban
• gold
• black money