The Jewellery Industry Backs the Government on Demonetisation

Raimeena7822 Dec, 2016Other

On the day when demonetisation was declared by Prime Minister, Narendra Modi, many people rushed to the jewellery shops to purchase gold. No doubt, these were the people who had unaccounted wealth and paid huge premiums. Even the jewellers did not mind accepting 500 and 1000 notes which would no longer be accepted within a few hours from then. Moreover, VAT was charged and the bills were made in past dates. All of this led to a surge in demand for gold. Since November 9, approximately 30 tonnes of gold has been imported.