The announcement by Prime Minister Modi of the decision to demonetize Rs 500 and 1000 currency notes led to a mad goldrush as people with unaccounted money rushed to jewellery shops to convert their black money into gold assets.
The jewelers too saw a great opportunity to charge exorbitant rates for the prized metal. Gold was being sold illegally at prices as high as Rs 60,000.
Finance Ministry rules require PAN card details of every buyers making a purchase of above Rs 50,000, so the jewelers are conducting multiple transactions below Rs 50,000 to avoid the attention of authorities.
 

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