The RBI stopped printing them in 2018-19 and they were rarely in circulation.Īccording to RBI data, the number of Rs 2,000 notes in circulation declined to 10.8 percent of the total on March 31, 2023. Unlike the 2016 demonetisation of Rs 500 and Rs 1,000 notes, the number of people holding Rs 2,000 notes is lower. Are you seeing any customers here? There is no question of a premium,” said a shop owner in Connaught Place who didn’t wish to be identified, gesturing to his empty store. Some jewellery shops didn’t even have regular footfalls in the days that followed the RBI’s announcement. ![]() "We are expecting our sales to increase only when the price of gold falls below Rs 50,000," the jeweller said. The rumours are that we are accepting premiums, but the reality is that there's a fall in customers since gold prices are high,” said Aggarwal. “But those queries are not converting into sales. Sharad Aggarwal, owner of Panchrattan Diamonds in old Delhi, said jewellers are getting “lots of queries” from customers asking whether they are accepting Rs 2,000 notes. All premium-related news are rumours – there is no truth to it," said Surendra Mehta, national secretary of the India Bullion & Jewellers Association. There are no jewellers who are charging a premium while accepting Rs 2,000 notes. "If somebody is buying gold using these notes, there should not be any issue. Gold was quoted at Rs 61,560 on May 23 in New Delhi.Īlso read: RBI’s Rs 2,000 note withdrawal to have little impact on economy “I got some reports that some jewellers tried to sell gold at Rs 63,000-65,000 per 10 grams, but rumours of Rs 70,000-75,000 are completely untrue," said Singhal. Any purchase of jewellery below Rs 50,000 does not need even the Aadhaar card as a mandatory KYC document. The purchase of gold, silver, jewellery, or precious gems and stones below Rs 2 lakh does not require customers to declare their permanent account number (PAN). “The day the RBI announced the withdrawal, some shop owners might have tried to take premium, but customers refused,” said a jewellery shop owner who sought anonymity. Some jewellers in Chandni Chowk in old Delhi said they initially tried to demand a premium of Rs 2,000 to Rs 3,000 but customers refused to pay anything extra. “Yes, we are accepting the Rs 2,000 notes,” said a jewellery shop owner in Greater Kailash, New Delhi. However, jewellers said the Rs 2,000 notes are still legal tender and so customers can pay the same rates. The initial expectation was that people would rush to buy jewellery by using the Rs 2,000 notes. Some shopkeepers don’t even have a normal flow of customers,” said Yogesh Singhal, president of the Bullion Jewellers Association. “There is no rush and panic-related situation in the market. Moneycontrol spoke to 10 jewellery shop owners and industry association representatives in New Delhi, Mumbai and Patna, who said there was nothing extraordinary taking place in the market. Banks will start accepting the Rs 2,000 notes from May 23.Īlso read: RBI declares to withdraw all Rs 2,000 currency notes: All your queries answered The notes will continue as legal tender, the central bank said. The RBI gave the public time till September 30 to exchange or deposit the notes in banks or designated RBI branches. The Reserve Bank of India said May 19 the Rs 2,000 notes, introduced after demonetisation in November 2016, will be withdrawn from circulation. Although some jewellers initially demanded a premium for purchases using Rs 2,000 notes, customers weren’t willing to pay anything extra, contending that the bills were still valid. Jewellers in various cities told Moneycontrol that customers were not desperate to use their Rs 2,000 notes to buy jewellery. The withdrawal of Rs 2,000 currency notes has not triggered panic buying of gold jewellery using cash, as witnessed during the 2016 demonetisation.
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