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Rs 2,000 note: Hawala rate at Rs 91 for $; exchange for gold at Rs 70K

In Ahmedabad, on Friday night, gold to be bought for Rs 2,000 notes opened at Rs 75,000 though prices slipped to Rs 67,000 levels on lower demand

Rajesh Bhayani Mumbai

A man counting Rs 2,000 notes. Photo: Shutterstock

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3 min read Last Updated : May 21 2023 | 7:39 PM IST

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Those in possession of unaccounted money are tensed up owing to the order on the withdrawal of Rs 2,000 notes by September this year and are taking the familiar routes to dispose them of.

They are exchanging the notes for gold and dollars in the grey/unaccounted market, leading to huge premiums (over official rates) for both asset classes.

On Friday night in New Delhi, gold was sold at Rs 68,000 per 10 gm in exchange for Rs 2,000 notes. In official markets, gold has been quoting at Rs 62,000-63,000 (with goods and services tax). However, some markets where the flow of unaccounted money is high have seen gold quoting between Rs 70,000 and Rs 75,000.