Rs 2000 note withdrawn: This is how people use pink notes to consume black money, jewelers are making huge profits

After the demonetization of Rs 2,000 notes, those who have black money are reaching out to jewelers and not to banks to dispose of them. In such a situation, jewelers are taking full advantage of this opportunity at showrooms.

Meerut Amid preparations to stop the pink note of two thousand rupees, now gold and silver are being bought fiercely to consume black money. Bullion traders are also taking advantage of this environment. The condition is that the current price of gold is up to Rs 62,500 tola, yet gold was purchased on the pink note at the price of Rs 70,000 tola. However, the rate of gold on the Rs 500 note remained the same at Rs 62,500.

Transactions worth crores of rupees took place in the bullion market on sunday itself. A similar situation prevailed in the case of silver. The price of silver was Rs 74,000 per kg, but it is being bought on pink notes at Rs 80,000 per kg.

Ravi Prakash Aggarwal, the patron of the Bullion Traders Association, said that those with white money have no problem, they are depositing their money in the bank, but those who have black money are buying gold at an expensive price. The wealth of such people is fast reaching the bullion market.

President of United Jewelers and Manufacturers Association sanjeev kumar Aggarwal said that in the changed environment, the shortage of gold has also started. Buying gold in large quantities has created an atmosphere of volatility in the market. A large number of people have made bookings for the purchase of gold.  Rs 2,000 notes will be deposited in banks by September. Despite this time, the trend of pink notes has already started stopping in the market. From doctors to grocers, fruit and vegetable vendors are refusing to accept these notes. Gaurav, the grocer of the Sadar area, told that small traders are not taking these notes at all. If there is no high-cost item, even big businessmen are hesitating.

From tomorrow i.e. from Tuesday, two thousand rupee notes will be changed in all banks. Those people who do not have bank accounts can also exchange notes. They will have to show a copy of their Aadhaar card at any bank branch in the city.

Banks will take notes up to the fixed limit (Rs 20,000) and give money in exchange for them. Banks have made preparations for this. The city has chests of all banks including two chests of Canara Bank. bank officials believe that there will be no problem regarding cash.