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  • Category: Miscellaneous

    5000 crore Gold sold across India on 8th Nov night and 9th Nov 2016

    It is now came to known that on the day of Note ban announcement ie 8th Nov late evening and 9th Nov 2016 the gold sale across the country was to the tune of 5000 crore and out which in Hyderabad itself over 2700 crore business was done through gold biscuits. Having baffled over this large buying , the IT and ED is now after the gold shop owners to give all the details of selling on those two days so that raids cane done with specific information. By the way the government is taking much time and by now the biscuits would be been changed to gold chain or something else.
  • #586280
    Now all the gold sold and bought have become Black Gold. Modi's next surgical attack would be against the Black Gold. The yellow metal would see its dark days very soon. Now black gold won't be in a position to get cashed or converted into land or houses. Black gold will be blinking very soon. Wait and watch.
    No life without Sun

  • #586281
    Indians are obsessed with gold, and it is not just the ladies, even men can be seen flaunting thick gold chains and bracelets.

    I do not know how far the 'buying of gold biscuits' news can be believed. Shopkeepers generally keep only jewellery. I do not think many jewellers would have had bullion to sell at such short notice.

    When we were in Vizag we attended a few Andhra weddings and I was shocked to see the gold people have. It wasn't just the bride who would be decked in gold from head to toe - even the close relatives were seen wearing a few kilograms of gold. I think most people in the southern states have this liking for gold.

    In the northern belt, unmarried girls generally do not wear much gold. They will probably have a pair of earrings in gold and that is about all. Down south, unmarried girls can be seen wearing a lot of gold. I think it is a cultural thing.

    "A love affair with knowledge will never end in heartbreak" - Michael Garrett Marino

  • #586282
    The figure 5000 lakh crore seems to be highly exaggarated one. While the currencies available are not so, how can the figure be Rs, 5000,00,000,00,00,000. Kindly say, Who said this?

    No life without Sun

  • #586284
    Sorry it was a mistake. It is 5000 crores only. The heading also changed. Todays tv9 Telugu headlines.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #586290
    There is nothing startling or revealing in the news. It was obvious as after announcement of demonetization policy, people having black money thought to convert the same into gold as the other alternative of buying real estate was not possible at such a short notice and it involved Government intervention in the form of registration of property etc.

    Black money had traditionally been used to buy gold /jewelry since ages and jewelers availed this opportunity to make hay while the Sun shines. There was panic about converting the black money held in the form of demonetized bank notes and many people including the bank officials started acting as commission agents charging 25% to 50% as commission. Now the Government itself has declared a scheme to levy 50% of the declared amount as income tax on declaration of black money.

    Let us encourage each other in sharing knowledge.

  • #586311
    But people thought that by purchasing gold biscuits, they can keep away from the scanner of the government. But IT and ED are already taking action against those who are stacking gold biscuits in large numbers.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

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