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.
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.
Subscribe To Insights
Key stories on business-standard.com are available to premium subscribers only.Already a BS Premium subscriber? Log in NOW
What you get on Business Standard Premium?
- Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
- Pick your 5 favourite companies, get a daily email with all news updates on them.
- Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
- Preferential invites to Business Standard events.
- Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.