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Gold import likely to be banned, Jewelers panicky

Hyderabad: After demonetizing Rs. 500 and Rs. 1000 currency notes overnight, Govt. may ban import of Gold anytime. This is the apprehension gold traders have.

India is the second largest country in the world which has Gold in demand largely. The gold merchants used to depend on Gold imports to meet the local demands. They say that one-third of the gold purchased by local consumers is through black money only. The annual demand of gold in India has reached 1000 ton.

Gold merchants are panicky that PM Modi’s next target would be Gold. They also fear that Gold import would be banned even for the manufacture of household ornaments. Mr. Daman Prakash Rathore, Director of MNC Billions, Chennai told that any rule bound jeweler will not venture to transact business in a fair way. He said that in the next few months, marriage season would start and the demand for gold would increase. In such a case Govt. would target those who want to protect their black money in the shape of Gold.

Govt. sources indicated that it is too early to say anything. They also opined that if gold import is banned, the situation might get worse. Some of the gold traders want to buy 2-3 kg gold as additional stock but they are worried about it.

–Siasat News