Zee Media Bureau
New Delhi: Prime Minister Narendra Modi's announcement to ban old Rs 500 and Rs 1,000 notes have had a peculiar impact on luxury items –be it gold, jewelery, or premium electronics.
As per a report in the Economic Times, the sales of Apple iPhones have seen a massive growth post demonetisation.
The ET reports that within three days, about 1 lakh iPhones were sold and much of the sales were in cash.
“The rush to offload cancelled currency notes by buying these expensive handsets has resulted in Apple being the only phone maker to meet sales target in November. Its sales during the month are estimated to have grown by 20-30% while handset sales, as a whole, are down compared with the year-ago period,” the ET report said.
Apple iPhone is the most expensive mobile handset market in India –with price ranging between Rs 55,000 and Rs 90,000.
In the biggest-ever move to curb black money and crime funding, Prime Minister Narendra Modi on November 8 announced that Rs 500 and Rs 1,000 banknotes would become illegal tenders and massively curbed cash withdrawals through ATMs and from bank counters.