Indians are known for their love for gold , but this surge in imports of the yellow metal in November cannot be explained by just that... A staggering 100 tons of gold were imported during the month that demonetisation was announced, lending credence to the theory that there was a rush for converting black money to gold in the days post the note ban. Bachhraj Bamalwa, director of the All India Gems and Jewellery Trade Federation, told News18 that gold imports in November are estimated to be around 100 tons – the most this year, and about a fifth of the 500 tons of the precious metal imported in 2016. Prime Minister Narendra Modi announced the withdrawal of high denomination bank notes of 500 and 1,000 rupee denomination on November 8, a step that he said will rein in black money. An analyst News18 spoke to said some of it may have already been converted to gold.
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