Hyderabad News

Purchase of costly high-value phones on the rise post demonetisation

Purchase of costly high-value phones on the rise post demonetisation

Hyderabad: After Prime Minister Narendra Modi’s demonetisation announcement on 8 November, sale of high-value phones has shot up. According to a report almost 1 lakh Apple iPhones were sold just within three days of the announcement that ₹500 and ₹1,000 would no longer be legal tenders. The recently released iPhone 7 is priced at ₹60,000 and up. According to a report, iPhone sales were up by 20-30 percent this month as a direct consequence of demonetisation.

People having unaccounted wealth rushed towards high value goods. It is quite early to say if the buyers have saved themselves or have got into further trouble. Because government can easily get the records of the phones purchase after November 8, hence there is not a big problem for the government to collect details of buyers of high value phones.

However shopkeepers were said to be selling the smart phones with backdated bills so that the sale money could be exchanged later or deposited legally in banks.

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