Gold rate on black market staggering

Muktsar, November 10

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After the demonetising of Rs 500 and Rs 1,000 notes, the price of gold in the black market has almost doubled.

Some jewellers today sold gold for Rs 54,000 per 10 gm. The actual price of gold is approximately Rs 32,000.

According to sources, a large number of people have been contacting goldsmiths to convert their black money into gold.

The Centre has made PAN card compulsory for buying gold above Rs 2 lakh.

Meanwhile, huge queues were witnessed at banks with people exchanging Rs 500 and Rs 1,000 notes with Rs 100 notes. However, a few banks failed to convert the currency, saying that they were yet to receive the cash.

Some banks refused to exchange the demonetised notes, saying that those would be converted where the person has opened his/her account. — TNS