3/10/2017 Rs500,Rs1,000banned:Govt'scurrencystriketopushmanytowardsgold

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Rs 500, Rs 1,000 banned:

(http://www.rstpost.com/assembly-elections-2017/)

Govt's currency strike to

push many towards gold
PTI /author/pti Nov, 09 2016 00:39:03 IST

New Delhi: On Tuesday the jewellery industry welcomed the government's

decision to ban old Rs 500 and Rs 1,000 notes, saying gold demand will rise as
people will have more faith in the precious metal than the currency notes.

"It will create havoc for a little while and the economy will also destablise. But
overall, it is going to be good for the country. In fact, the jewellery industry
will thrive as people will have more trust on jewellery than currency notes,"
Gitanjali Gems Chairman and Managing Director Mehul Choksi told PTI.

He said there will be crisis for some time. "If you want to buy vegetables
tomorrow and you will not have notes in lower denomination, what will you
do?"

Stating that there could be short-

term impact, PC Jewellers
Managing Director Balram Garg
said, "This is a very good
decision for long term especially
for the organised sector. There
could be impact on pure gold
demand, which is good for
(http://www.rstpost.com/wp-content/uploads/2016/11/GOLD-
Representational image. AP
jewellers."
RUSH-ap.jpg)

Echoing these views, All India Gems and Jewellery Trade Federation (GJF)
Chairman Sreedhar G V said: "This affects all industries, it will also affect the
jewellery industry. We are in favour of the decision announced by the Prime
Minister."

He noted: "There may be some problems for unorganised jewellers, but this
will help them get organised."

About 70-75 per cent of jewellers in the country are unorganised. But 25 per
cent of the organised jewellers are contributing more than 80 per cent
business, he added.

Sreedhar said the industry body will not seek more time to implement this
decision.

India is the world's largest gold consumer and imports a sizeable chunk of its
total annual consumption of around 900-1,000 tonnes.

Also read:

Rs 500, Rs 1,000 note ban: Industry terms it 'watershed' moment in ght

against black money (http://www.rstpost.com/business/rs-500-rs-1000-note-
ban-industry-terms-it-watershed-moment-in-ght-against-black-money-
3095596.html)
Rs 500, Rs 1,000 to go off immediately, Hasmukh Adhia calls is 'surgical strike

close on black money' (http://www.rstpost.com/business/rs-500-rs-1000-to-go-off-

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3/10/2017 Rs500,Rs1,000banned:Govt'scurrencystriketopushmanytowardsgold

immediately-hasmukh-adhia-calls-is-surgical-strike-on-black-money-
3095512.html)
Rs 500, Rs 1,000 banned: Resale property market, small builders to be hit by
PM Modi's revelation (http://www.rstpost.com/business/rs-500-rs-1000-
banned-resale-property-market-small-builders-to-be-hit-by-pm-modis-
revelation-3095594.html)
New Rs 2,000 note, Rs 500 and Rs 1,000 banned, withdrawal limit set: Key
points from PM Modi's address (http://www.rstpost.com/india/new-rs-2000-
note-rs-500-and-rs-1000-banned-withdrawal-limit-set-key-points-from-pm-
modis-address-3095530.html)

#Black money (http://www.rstpost.com/tag/black-money)

#Corruption (http://www.rstpost.com/tag/corruption) #Currency (http://www.rstpost.com/tag/currency)
#Jewellery (http://www.rstpost.com/tag/jewellery) #Modi (http://www.rstpost.com/tag/modi)
#Newstracker (http://www.rstpost.com/tag/newstracker)

Published Date: Nov 08, 2016 10:32 pm | Updated Date: Nov 09, 2016 12:39
am

Also See

4 months of note ban: PMGKY tax: Govt warns Narendra Modi vs War on black money: Govt
More questions than banks of branch de- Congress: Why the growth likely to shut down 6-7
answers on Narendra authorisation over non- debate must move beyond lakh shell companies,
Modis grand move acceptance GDP numbers says report

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more-questions-than- branch-de-authorisation- the-growth-debate-must- likely-to-shut-down-6-7-
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grand-move- 3302062.html) numbers-3317276.html) says-report-
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