Gold worth ?2,700 crore bought in Hyderabad post note ban
The Enforcement Directorate (ED) has discovered that gold biscuits worth ?2,700 crore were bought in Hyderabad from the period of November 8 to November 30. Further, all payments were made in cash with demonetised currency notes. The ED suspects that people, who made the gold biscuit purchases, went underground and the agency is trying to locate them, sources said.
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.READ| Huge cash and gold recovered since demonetisationED 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.WATCH:Interestingly, there was a fresh import of about 1,500 kg of gold between December 1 and 10, the ED sources said.