Rs.2000 | Pink note hustle in gold shops.. Huge increase in purchases..!-Namasthe Telangana

Gold-Rs.2000 | With the withdrawal of Rs.2000 currency notes from circulation in the market, gold purchases have increased massively in the past week.

May 26, 2023 / 05:30 PM IST

Gold-Rs.2000 | Jewelery shops in Hyderabad are busy for a week. Purchases of gold biscuits increased by 25 percent. Jewelery sales increased by 15 percent. The reason for this seems to be the RBI’s decision last week to withdraw the Rs.2000 currency note from circulation in the market.

RBI has issued guidelines for exchange of Rs.2000 notes and deposits in banks. RBI, which has allowed the exchange of Rs.2000 currency notes up to Rs.20 thousand, said that there are no restrictions on deposits. However, according to the Income Tax Department, it is mandatory to submit a PAN card if you make deposits of more than Rs.50,000. Every day a person can buy gold with cash less than Rs.2 lakh. PAN or Aadhaar card has to be submitted if it exceeds Rs.2 lakhs.

In this situation, shops and shopping malls in different parts of Hyderabad and Telangana are going gaga at the sight of Rs.2000 notes. At first, customers tried to exchange Rs.2000 notes at the petrol stations. But trying to fill petrol with Rs.2000 notes every day has become troublesome for the petrol station owners. They also have to deposit Rs.2000 notes in their bank branches. For that, banks and income tax regulations have to be followed. In addition to this, it is not possible to give change to everyone.

Even though RBI says that there are no rules and guidelines for exchange and deposits of Rs.2000 currency notes.. Even though banks like SBI and HDPS Bank have issued notifications.. some banks especially private banks are implementing rules on their own. After March 2017, the circulation of Rs.2000 currency notes in the market has almost completely reduced. Rs.2000 notes are not available to any common man. As a result, it is said that common people have forgotten about Rs.2000 currency notes.

Only businessmen, politicians, bureaucrats and corporate executives are making huge purchases of gold. With increasing demand from celebrities, gold jewelery stores are also attracting customers with offers.