“I got some reports that some jewellers tried to sell gold at Rs 63,000-65,000 per 10 grams, but rumours of Rs 70,000-75,000 are completely untrue," said Singhal. Any purchase of jewellery below Rs 50,000 does not need even the Aadhaar card as a mandatory KYC document. The purchase of gold, silver, jewellery, or precious gems and stones below Rs 2 lakh does not require customers to declare their permanent account number (PAN). “The day the RBI announced the withdrawal, some shop owners might have tried to take premium, but customers refused,” said a jewellery shop owner who sought anonymity. Some jewellers in Chandni Chowk in old Delhi said they initially tried to demand a premium of Rs 2,000 to Rs 3,000 but customers refused to pay anything extra. “Yes, we are accepting the Rs 2,000 notes,” said a jewellery shop owner in Greater Kailash, New Delhi. However, jewellers said the Rs 2,000 notes are still legal tender and so customers can pay the same rates. The initial expectation was that people would rush to buy jewellery by using the Rs 2,000 notes. Some shopkeepers don’t even have a normal flow of customers,” said Yogesh Singhal, president of the Bullion Jewellers Association. “There is no rush and panic-related situation in the market. Moneycontrol spoke to 10 jewellery shop owners and industry association representatives in New Delhi, Mumbai and Patna, who said there was nothing extraordinary taking place in the market. Banks will start accepting the Rs 2,000 notes from May 23.Īlso read: RBI declares to withdraw all Rs 2,000 currency notes: All your queries answered The notes will continue as legal tender, the central bank said. The RBI gave the public time till September 30 to exchange or deposit the notes in banks or designated RBI branches. The Reserve Bank of India said May 19 the Rs 2,000 notes, introduced after demonetisation in November 2016, will be withdrawn from circulation. Although some jewellers initially demanded a premium for purchases using Rs 2,000 notes, customers weren’t willing to pay anything extra, contending that the bills were still valid. Jewellers in various cities told Moneycontrol that customers were not desperate to use their Rs 2,000 notes to buy jewellery. (The copy will be updated with further details.The withdrawal of Rs 2,000 currency notes has not triggered panic buying of gold jewellery using cash, as witnessed during the 2016 demonetisation. We regret the inconvenience this incident has caused,” the spokesperson added. We want to assure everyone that this action was not intentional. This was an aberration at Coding Ninjas and against our values and culture as an organisation. “Disciplinary action is being taken against the concerned employee. They added that the incident was an isolated event and the company is taking measures to ensure that it will not be repeated. In light of the incident, the founders also personally expressed their regret and apologised to all the employees,” a Coding Ninjas spokesperson told Moneycontrol. The same was immediately rectified within minutes, the employee acknowledged his mistake and apologised for the inconvenience caused due to his actions. “We want to clarify that the incident that occurred two weeks ago was due to a regrettable action by an employee in one of our offices. Moneycontrol reached out to Coding Ninjas for a clarification. In the video, the watchman informed that one of the managers has ordered him to not let employees out of the office without his permission. Nowhere else would anyone dare to pull off something like this,” said Handa, in his tweet posted early morning on June 3. “Indian edtech founders are now literally locking in their employees. Edtech entrepreneur Ravi Handa took to Twitter to share a video where a watchman is seen locking doors of an office of Coding Ninjas, informing employees that their exit without permission has been prohibited.
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