When in India you can be rest assured that there is a strong nexus between black money holders and Gold. There are many families who have liquid cash and among them, some want to convert that money into Gold. Hence, a lot of gold purchasing is done by them.
The film industry is also one place where many celebrities have tons of black money. With the recent news of ban on the 500 and 1000 notes, it is heard that they all flocked to their known Jeweller shops and indulged in massive gold buying.
The gold shop owners revealed film celebrities bought gold in huge quantities and that too with premium price. Buzz is that they bought it at Rs 40000 per 10 grams. As a result, the 500s and 1000s go into the jeweller’s account. They manage the paperwork, deposit those same notes and pay the required tax. However, that would be minimum considering the profit they are making by selling gold at premium.
