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gold-shopping

According to reports, Prime Minister Narendra Modi may impose curbs on domestic gold holdings after putting a ban on Rs 500 and Rs 1000 notes.

In a bid to eradicate black money from the Indian economy prime minister announced the move to demonetise old currency notes higher denominations. But, moments after the announcement of demonetisation people immediately dispensed their parked black money to buy gold.

As a lot of rumours are surfacing around social media and in stock market as well as black market over prime minister’s next step. Now, everybody is keen to know that what would be the next step of government once they are done with the process of demonetisation.

Although, if we go with the rumours then Narendra Modi may impose a ban on domestic gold holdings in his next step against eradication of black money. However, a finance ministry spokesman declined to comment on the report published by Times of India.

According to the exchange market, India is the world’s second-biggest gold buyer and a rough estimate suggests that one-third of its annual demand of up to 1,000 tonnes is paid in black money (untaxed funds held in secret by citizens in cash).

Meanwhile, Narendra Modi today lashed out at his political rivals saying that they would have praised him if he had given them time before announcing the move.

“Some people are criticising saying the government did not make enough preparation. I think that is not the issue that the government did not make ample preparation. I think the pain of such people is that the government did not give a chance to make any preparation to hide their black money,” Narendra Modi said at a book launch function .

“If people criticising me had got 72 hours to make their preparation then they would have lavished praise that there is no one like Modi,” Narendra Modi stressed.

On Thursday former Prime Minister Dr Manmohan Singh said that the step was “a case of organised loot and legalised plunder” and reflected a “monumental management failure”.