Hyderabad: The abolition of high value currency notes has given an idea to a handful of gold traders to make a fast buck. Some traders have decided to charge 50 per cent more if a customer wants to purchase gold or silver with banned Rs 500 and Rs 1,000 notes.
The gold price is Rs 31,500 per 10 gm, and customers buying with high currency notes will have to pay roughly Rs 15,000 more. The traders will deposit the extra cash showing various incomes. The move is risky and is not being followed by all, said a source.
People may queue up at jewellery shops to buy gold. But there is a limit up to which one can buy gold with cash. To curb unethical practices, the government had recently made PAN cards compulsory for gold purchases of over Rs 2 lakh.
The Prime Minister’s decision to demonetise high currency notes broke out at around 8.20 pm on November 8. Reports from the city and Vizag said that many were seen purchasing gold up to midnight of Tuesday.
