India's 2000-rupee note withdrawal fuels demand for realty and gold

The Reserve Bank of India's decision to withdraw 2,000-rupee notes from circulation has led to a surge in demand for gold and real estate, as hoarders of the high-value notes seek to convert them into other assets. The notes must be deposited in bank accounts or exchanged for other denominations by September 30, with a deposit limit of Rs 20,000 per day starting on May 23. Cash-driven sectors such as agriculture and construction, and small businesses are likely to face hiccups in the near term, economists said.