Indore: Rs 2000 currency notes withdrawal, No panic buying of gold this time

Indore: Rs 2000 currency notes withdrawal, No panic buying of gold this time

Gold rates rise by Rs 1000 

Manish UpadhyayUpdated: Sunday, May 21, 2023, 07:24 AM IST
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Indore (Madhya Pradesh): Unlike the demonetisation of November 8, 2016, when people rushed to buy gold at Sarafa market and other jeweller shops in the city, there was no such rush after the surprising move of RBI to withdraw Rs 2000 currency notes, on Friday.

Interestingly, the gold rates increased by Rs 1000 on Saturday on the assumption that there would be panic buying of gold. The price closed at Rs 62,400 per 10 gram People had expected that since there was a rush to buy gold by those who had black money after the 2016 demonetisation, a similar scenario would follow this time also.

Anil Raka, president of Indore Sarafa Association, said there was no panic buying of the gold this time. He cites two reasons. Last time 120 cr people were affected due to demonetisation, this time merely 1 crore people are expected to be affected by the RBI move. Also, enough time has been given for the exchange of Rs 2000 currency notes. These two reasons released the tension. Importantly just 30% of the total 2000 rupee currency notes are in circulation and the rest 70% are stashed in the banks. 

Raka, however, said that people did enquiry about the price of gold. This enquiry was due to the assumption that there would be panic buying, which ultimately raised the rate of the yellow metal by Rs 1000 per 10 grams. 

Rs 2000 notes can be exchanged through BCs also

Sunil Dhaka, lead district manager (LDM), while talking to this correspondent said that those who have Rs 2000 currency notes can deposit or exchange the notes at the counters of any branch of PSU, private or cooperative banks. They can be exchanged through business correspondents (BCs) also. Dhaka does not foresee any rush at banks to deposit Rs 2000 currency notes from Monday.

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