Operation Pink: Zee Sting Operation Reveals Big Jewellers Facilitating Exchange Of Rs 2,000 Bank Notes

Famous jewellers are selling gold at higher prices compared to the market rate in exchange for Rs 2,000 banknotes.

The Reserve Bank of India on May 19 announced the withdrawal of Rs 2,000 currency notes from the market. The exchange of Rs 2,000 notes started on May 23 and since then, there was speculation about black money being converted into white by people. The Zee News's 'Operation Pink' has now exposed the huge black money operations being carried out in the national capital by top-ranked jewellers. Just like it happened in the year 2016 after demonetisation, Rs 2,000 currency notes are being converted into white by illegal means. 

Famous jewellers are selling gold at higher prices compared to the market rate in exchange for Rs 2,000 banknotes. Gold traders like PP Jewellers and Tribhovandas Bhimji Zaveri were found involved in the illegal exchange of the Rs 2,000 notes. The Zee News' 'Operation Pink' exposed the truth of the black business of converting 'pink notes' into golden by these retail chains. 

According to the sting operation, while the current gold rates are around Rs 63,000 per 10 grams, the jewellers are charging up to Rs 70,000 per 10 grams if the gold is bought in cash using Rs 2,000 notes. 

Zee Media reporter Abhishek Kumar posed as a customer and reached the showrooms of these jewellers to expose their black money trade. The Zee News sting operation revealed the following key details:

* The code word of the two thousand rupee note is 'pink'.
* Gold rates are different from card payments. But the rate of gold increases when payment is made in Rs 2,000 notes.
* Gold coin is the most demanded item by those seeking to exchange Rs 2,000 notes.
* Jewelers have a setting with the banks that allows them to deposit Rs 2,000 notes without any record.

The sting operation has revealed that the government's decision to withdraw the Rs 2,000 note from the market has become a golden chance for the jewellers. This also shows that the jewellers have glorified the business of converting black money into white in the guise of Rs 2,000 notes. The jewellers are also providing a guarantee that they won't let the customer get caught. 

This is happening right under the nose of the government, just within a 20 km radius of Parliament and the RBI office. The Zee News investigation revealed that many jewellers are converting the black money of Rs 2,000 notes into white without any fear. The Rs 2,000 currency notes were issued in 2016 following the central government's decision to demonetize the old Rs 500 and Rs 1,000 currency notes.