1. Panicked customers buy gold worth lakhs of rupees late night

Panicked customers buy gold worth lakhs of rupees late night

On of the first refuge for all those who are looking to put their ill gotten money on good is is gold, which was proved once again on Tuesday night as some jewellery shops across the country remain opened after midnight.

By: | Mumbai | Published: November 10, 2016 11:13 AM
Some jewellery  shops across the country remain opened after midnight. (Reuters) Some jewellery shops across the country remain opened after midnight. (Reuters)

On of the first refuge for all those who are looking to put their ill gotten money on good is is gold, which was proved once again on Tuesday night as some jewellery shops across the country remain opened after midnight. Shortly after Prime Minister Narendra Modi on announced scrapping of Rs 500 and Rs 1000 notes, people thronged at Jewellery shops in Malad, Kandivli, Borivli and several other parts of Mumbai

As per the TOI report, the going rate was s 37,000-38,000 per 10gm, even though he official price was Rs 30,000-odd. The business in the Natraj Market of Malad continued in the the night with gold rates surging to Rs 48,000 per 10gm for some time.

However, some jewellery associations, claimed ignorance of this. A representative of the Panvel Saraf and Jewellers Association said that some jewellers did open shops and amassed s large amounts of cash from late-night transactions, but they were not part of his association. He further said that one of them had came came back to open his shop after 10 pm.

Mukesh Mehta, president of the India Bullion and Jewellers Association said that even while paper money may let people down, gold will never betray . The Centre’s announcement to scrap notes evoked panic among people, and they immediately decided to buy gold. Most jewellers tried their best to accept only Rs 100 notes. Some jewellery shop owners might have sold at invalid rates and accepted invalid banknotes, but there was no proof.

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