HIndustanTimes/Staff/5-22-2023

“The demand for bullion saw a sudden jump on Saturday, which dealers in various parts of the country said was expected to continue till people offloaded a bulk of their ₹2,000 banknotes for gold and silver, even as a rush to exchange the high-value currency notes is expected at banks from Monday.”

USAGOLD note: In a separate article, Bloomberg mentioned that the 2000 rupee note withdrawal was “reminiscent of a shock demonetization exercise in 2016.”

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Image attribution: Reserve Bank of India, GODL-India <https://data.gov.in/sites/default/files/Gazette_Notification_OGDL.pdf>, via Wikimedia Commons