Gopal Kateshiya (for Info only, not official)

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Gopal Kateshiya

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    ... After the excited panic buying on the night of November 8, soon after Prime minister Narendra Modi announced the demonetisation, there is a lull in the jewellery market with sales down by as much as 70 per cent coupled by fears of surveillance by the tax man. Sales peak during Diwali, especially the beginning of the festival on Dhanteras, an auspicious day for Gujaratis to buy gold. However, when the markets opened in the new year after the Diwali vacation, expecting to do brisk sales for the wedding season, demonetisation came as a blow. Stories did the rounds about how people drove in with bags full of cash in the invalidated denominations of Rs 500 and Rs 1000 and bought off shelves of gold from branded stores that remained open way past the midnight of November 8. The Director General of Central Excise Intelligence (DGCEI) immediately put up its antennae and over 600 jewellers were asked to report sales of gold. ...

    Indian Express on Nov. 19, 2016, 8:14 p.m.