Published On: Fri, Dec 9th, 2016

Note ban effect: Jewellers sold whopping 15 tonnes of gold on Nov 8, 9

New Delhi: Soon after the Modi government announced ban on Rs 500/1000 notes on November 8, jewellers managed to sell a whopping 15 tonnes of gold worth Rs 5000 crore on the intervening night of November 8 and November 9, revealed Mr Surendra Mehta, national secretary of India Bullion & Jewellers Association (IBJA). Nearly 2500 jewellers are registered with IBJA all across India.

Mehta said nearly half of these sales happened in Delhi, UP and Punjab. He claimed that only 1,000 of around 6 lakh jewellers across the country had accepted Rs 500 and Rs 1000 notes in exchange for gold on the night ofNovember 8.

IBJA has requested the government to take strict action against erring jewellers as they had brought a “bad” name to the entire trade, Mehta added.