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Banned Notes Used To Buy Gold Biscuits Worth ₹2,700 Crore In Hyderabad In One Month

8,000 kilograms of gold were imported into Hyderabad between 8-30 November. 

18/12/2016 11:18 AM IST | Updated 18/12/2016 12:33 PM IST
Arko Datta / Reuters
Representational image of gold biscuits.

Gold biscuits worth ₹2,700 crore were bought with the banned ₹500 and ₹1000 in Hyderabad in November alone, and 8,000 kilograms of gold were imported into the state between 8-30 November, The Times of India reported today.

The persons involved went underground after the purchase, according to the TOI report. Companies and banks through which gold as bullion was imported included Diamond India, State Trading Corporation, Axis, Yes Bank, ICICI, SBI, HDFC and Kotak Mahindra.

"That all this was sold can be ascertained from the fact that there was fresh import of 1,500kgs of gold between December 1 and 10. There is a sudden spurt in the bullion market and those with high stash of the demonetised currency are buying gold from bullion traders and jewellers in Hyderabad," sources in the Enforcement Directorate told TOI.

On 8 November, Prime Minister Narendra Modi announced that his government's demonetisation drive would curb black money and corruption. The exercise has effectively put more than 80 percent of the country's currency out of circulation.

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