Gold worth Rs 2,700 crore bought with banned notes in Hyderabad

On November 8, Prime Minister Narendra Modi announced that the existing notes of Rs 500 and Rs 1,000 would no longer be valid currencies. Some relaxations were also announced for the use of discontinued notes. Buying gold was one of the options.

Now, records obtained by Enforcement Directorate show that Hyderabad madly went after the yellow metal.

ED investigations have revealed that gold biscuits worth Rs 2,700 crore were bought in the City of Nizams between November 8 and 30. All payments were done in cash with demonetised or discontinued currency notes.

ED also suspects that the people, who made the purchases, went underground after the buying spree. The agency is trying hard to locate those buyers of gold biscuits.

There was a sharp spike in the import of gold into Hyderabad during the same period. Approximately 8,000 kg of gold was imported into the city after demonetisation, ED sources said.

 

SOURCE: PTI