Jewellers Sell Gold For Old Notes At Huge Premium

Hyderabad: City jewellers are cashing in on with demonetization of Rs 500 and Rs 1,000 currency notes as there was a surge in footfall across the jewellery stores since Wednesday.

At some places, it is reported that the jewellers demanded huge premium if the customers are paying cash in the abolished Rs500 and Rs1000 notes.

Software used in billing systems can be tinkered to get desired time or date, said one of the traders

The three busiest markets in the city - Abids, Secunderbad and Begumpet-Panjagutta – made a killing as big-brand stores remained open past midnight on Tuesday with customers buying any jewellery design and paying demonetized notes.

Software used in billing systems can be tinkered to get desired time or date, said one of the traders.

A trader affiliated with the Secunderabad Gold, Silver, Diamond Jewellers Association said, “We think the announcement augers well for the business as it brings in greater transparency."