Pink is turning to Yellow
Letter to the Editor
The RBI’s decision to abolish the 2000 (pink) note has not caused the uproar seen which we witnessed during the first demonetisation process, but the underlying unease cannot be overlooked.
Also reasonably longer time gap of four months, allowing individuals to exchange their pink notes for smaller currency, may have kept tensions bearable. The scramble for gold (yellow metal), on the other hand, is a definite evidence of the volatility generated by the second demonetisation process.
Those who had accumulated a big quantity of pink notes appear to favour yellow metal as their new parking lot. Jewellery buying is jumping in the last few days according to reports. Yellow metal abundance has consistently instructed high brow snot esteem, and no huge Indian festivals and functions are complete without a huge quantity of yellow metal. De-adapting the pink notes has abruptly supported large numbers of these negative shades.
India has the biggest crowd of secretly held yellow metal. The government has been trying for a long time to free this largely unproductive stash and turn it into a force for growth and production. In any case, the most recent RBI choice will just support the propensity to keep yellow metal secured.
Dr. Vijaykumar H K, Raichur, Karnataka